The German market is marginally higher in aftrenoon trading on Friday, after Spain suffered a double-notch credit downgrade. The Asian markets were a sea of red and the U.S. index futures are slightly up ahead of the GDP data.
Standard and Poor's downgraded Spanish credit ratings by two notches on Thursday saying it expects further deterioration of the country's public finances amid economic contraction and the need to support banks.
Italy sold long term bonds close to the high end of its targeted range, although demand and borrowing costs were higher than at earlier auctions.
The Euro Stoxx 50 index of eurozone bluechip stocks is dropping 0.05 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, is adding 0.14 percent.
Despite early weakness, the DAX index is currently adding 0.05 percent.
Deutsche Boerse is climbing 2.7 percent. HeidelbergCement is advancing 2.5 percent.
Volkswagen is up 2.4 percent and BMW is gaining 1 percent. However, Daimler is losing 1.7 percent after the carmaker posted a 20 percent increase in first-quarter profit, citing ongoing growth in unit sales at Mercedes-Benz Cars and Daimler Trucks divisions.
Software AG is climbing 5.2 percent. The company kept its full-year sales forecast unchanged even after first-quarter profit declined on lower revenues.
MunichRe is declining 6.10 percent and Allianz is down 0.3 percent.
Basf is declining 2.4 percent. The chemical giant reported a decline in first-quarter profit on lower margins.
UBS initiated Adidas with a "Buy" rating. The stock is marginally down.
Rheinmetall is losing 2.9 percent after reporting lower quarterly profit.
Elsewhere in Europe, the French CAC 40 is adding 0.29 percent and the UK's FTSE 100 is rising 0.30 percent. Switzerland's SMI is losing 0.07 percent.
In economic news, German consumer sentiment is set to deteriorate next month as income expectations and the willingness to buy durables deteriorated on high fuel prices, a survey by the market research group GfK showed.
Across Asia/Pacific, Australia's All Ordinaries lost 0.26 percent and China's Shanghai Composite Index dropped 0.35 percent. Hong Kong's Hang Seng and Japan's Nikkei 225 declined 0.33 percent and 0.43 percent, respectively.
In the U.S., futures point to a slightly higher open on Wall Street. In the previous session, the Dow rose 0.9 percent, the Nasdaq climbed 0.7 percent and the S&P 500 advanced 0.7 percent.
In the commodity space, crude for June delivery is losing $0.30 to $104.25 per barrel and June gold is falling $5.4 to $1655.1 a troy ounce.
by RTT Staff Writer
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