Europe’s top stocks closed slightly higher, with only the French CAC posting a small loss, thanks to better than expected US economic data. Forecast-beating readings on US construction spending and manufacturing lifted investor sentiment late in the session.
On the downside, the ongoing Mexican Gulf oil leak saga sent BP sharply lower again.
BP is suffering more woe as attention focuses on the future of chief executive Tony Hayward, with the US government increasingly frustrated by BP's failure to cap the leak. The cost of the clean-up has now reached $1bn, BP added in its latest update.
Across the markets, the Dax in Frankfurt closed 17 points higher at 5,981, the Cac in Paris dropped 4 points to 3,503. The Swiss market gained 4 points to 6,317.
Banks were also weak after the European Central Bank warned that lenders in the eurozone could face up to €195bn in a second wave of potential loan losses over the next 18 months.
The region’s banks may see €90bn of net write-downs on loans and securities this year, and €105bin in 2011, the ECB said in its biannual Financial Stability Report on Monday.
Societe Generale, Credit Agricole, Commerzbank and UBS were all among the worst performers.
Irish no-frills airline Ryanair swung strongly back into the black last year and proposed a €500m special dividend with the possibility of another €500m in three years time.
Chief executive Michael O'Leary, who owns about 4% of Ryanair's shares, will walk away with a €20m dividend payout.
On the economic front, the eurozone unemployment rate has risen to its highest level in almost 12 years. The unemployment rate across the 16 countries that share the euro rose to 10.1% in April from 10% in March, according to European Union statistics office Eurostat.
The number of jobless rose 25,000, the smallest monthly increase since last November, bringing the total number to 15.9m.
CAC 40 - Risers
Air Liquide (AI) € 81.00 +1.49%
Cap Gemini (CAP) € 37.10 +1.46%
Carrefour (CA) € 34.08 +1.10%
Suez Environnement Company (SEV) € 14.15 +1.07%
GDF Suez (GSZ) € 25.45 +0.75%
L'Oreal (OR) € 76.85 +0.63%
Bouygues (EN) € 35.03 +0.53%
Veolia Environnement (VIE) € 21.06 +0.53%
EDF (EDF) € 35.97 +0.49%
Schneider Electric (SU) € 82.39 +0.49%
CAC 40 - Fallers
Vallourec (VK) € 146.70 -3.58%
ArcelorMittal SA (MT) € 24.20 -2.77%
Societe Generale (GLE) € 34.08 -2.77%
Credit Agricole (ACA) € 8.67 -2.33%
Technip (TEC) € 51.75 -2.21%
Renault (RNO) € 28.79 -2.02%
ST Microelectronics (STM) € 6.32 -1.62%
EADS (EAD) € 16.07 -1.38%
AXA (CS) € 13.28 -1.30%
Alstom (ALO) € 38.73 -1.02%
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