UK Market Modestly Lower

(RTTNews) - The UK market is trading modestly lower on Friday afternoon, after Germany's retail sales fell unexpectedly in April. Miners were hit, amid fall in iron-ore prices.

Germany's retail sales fell unexpectedly in April after rising for three consecutive months, Destatis said. Retail sales turnover declined by a real 0.9 percent from March, when it was up 0.1 percent. Sales were expected to rise 0.2 percent.

The Euro Stoxx 50 index of eurozone bluechip stocks is adding 0.05 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, is falling 0.05 percent.

The FTSE 100 index is currently losing 0.20 percent.

Miners are on a downward course. Rio Tinto, Anglo American, Fresnillo and BHP Billiton are losing between 2.8 percent and 1.8 percent.

Fenner is declining 13 percent, as it sees full year pre-tax profit sharply below market expectations.

Hargreaves Services, which issued a trading update, is dropping over 8 percent.

Bucking the trend, Smith & Nephew is gaining close to 2 percent, amid talks of an acquisition offer from US-based Stryker.

The Asian stocks fell broadly after overnight data showed the world's biggest economy shrank by an annualized rate of 1 percent in the first quarter, the first contraction since early 2011 despite resilient demand from consumers.

In the U.S., futures point to a lower open on Wall Street. The major U.S. averages rose about half a percent each overnight, with the S&P 500 closing at a fresh record high, as investors brushed off the weak reading on first-quarter economic growth blaming an unusually cold weather for the contraction.

Crude for July delivery is falling $0.46 to $103.12 per barrel, while August gold is losing $3.8 to $1253.3 a troy ounce.