Investing.com — European markets saw a mixed start on Friday as investors evaluated the effects of ongoing political instability in France.
At 3:15 ET (8:15 GMT), Germany’s DAX had slipped 0.1%, France’s CAC 40 had risen 0.5%, and the UK’s FTSE 100 was down 0.1%.
French prime minister ousted, president Macron stands firm
French prime minister Michel Barnier’s minority government was toppled on Wednesday evening after lawmakers from across the political spectrum supported a no-confidence motion.
The move followed Barnier’s controversial decision to push his budget through parliament without a vote.
In a response Thursday, President Emmanuel Macron delivered a speech, accusing politicians of neglecting voter interests. Despite the upheaval, Macron vowed to complete his presidential term, which runs until 2027.
After resigning Thursday morning, Barnier agreed to remain in a caretaker capacity while Macron selects his successor.
Aviva (LON:AV) to buy Direct Line (LON:DLGD) in major insurance deal
British insurance giant Aviva is set to buy its rival Direct Line, following an increased bid that has brought the two companies to a preliminary agreement.
According to a joint statement, Direct Line’s board has indicated it would recommend the deal to shareholders if Aviva makes a formal offer.
The new proposal values Direct Line at 275 pence per share, marking a 73% premium over the closing price on November 27, the day before the initial bid was made public.
This latest bid reflects a 10% increase from Aviva’s original offer of 250 pence per share in November, which had been rejected.
Oil prices edge lower amid extended OPEC+ supply cuts
Oil prices dipped on Friday as OPEC+ announced an extension of its current supply cuts through 2025, intensifying worries about weakening global demand.
At 3:15 ET, U.S. crude futures (WTI) slipped 0.1% to $68.26 per barrel, while Brent crude also declined by 0.1%, trading at $72 per barrel.