European markets mixed amid French political turmoil

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), had slipped 0.1%, 40 had risen 0.5%, and the UK’s 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:) to buy Direct Line (LON:) 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, futures (WTI) slipped 0.1% to $68.26 per barrel, while also declined by 0.1%, trading at $72 per barrel.