Visitors enter and exit the London Stock Exchange Group headquarters in London.

AFP/London

Europe’s major stock markets traded mixed yesterday, failing to get a major boost from a record performance on Wall Street and upbeat German data.

London’s benchmark FTSE 100 index dipped 0.11% to 6,674.3 points, but Frankfurt’s DAX 30 added 0.25% to 9,219.04 points, while the CAC 40 in Paris rose 0.58% to 4,278.53 points.

Madrid gained 0.49% but Milan slipped 0.10%.

“Despite extremely positive German IFO sentiment numbers for November, European stock markets have struggled to make any substantial gains today despite optimism among German businesses rising to its best levels in over a year,” said CMC Markets UK analyst Michael Hewson.

German business confidence rebounded in November to the highest level for more than 18 months.

Germany’s Ifo economic institute’s business climate index – a key measure of the mood in the industry and trade sectors of Europe’s biggest economy – rose to 109.3 points from 107.4 points in October.

“While concerns remain about the rest of Europe it would appear that the doom and gloom elsewhere in Europe is not pervading into the German psyche at the moment,” noted Hewson.

Even Wall Street’s Dow Jones Industrial Average closing above the key threshold of 16,000 for the first time on Thursday, extending a rally that has seen the key index add over 22% this year, failed to put the wind at the backs of European stocks.

The Dow ended with a new closing high of 16,009.99 points, boosted by buoyant economic data including a drop in weekly US jobless claims.

US stocks advanced further yesterday with the Dow Jones Industrial Average up 0.08% to 16,023.16 points in midday trade.

The broad-based S&P 500 added 0.26% to 1,800.47, while the tech-rich Nasdaq Composite Index rose 0.43% to 3,986.14.

In London yesterday, TUI Travel was the biggest faller amid reports that Norwegian shipping magnate John Fredriksen was cutting his stake in the tour operator.

In response, TUI Travel’s share price dove 7.8% to 359 pence in London.

Meanwhile in Frankfurt, German speciality chemicals maker Lanxess topped the fallers board after issuing a cautious outlook in its third-quarter results.

The company’s shares sank 2.6% to 47.23 euros.

Shares in Novartis dipped 0.21% to 72.20 Swiss francs after the pharmaceutical giant announced a share buy-back worth $5bn.

In foreign exchange activity, the European single currency rose to $1.3537 from $1.3478 late in New York on Thursday.

The euro edged up to 83.54 pence against the British pound, which was firmer at $1.6204. The dollar dipped to 101.24 yen from 101.15 yen on Thursday.

On the London Bullion Market, the price of gold climbed to $1,246.25 an ounce from $1,240 on Thursday.