Europe stocks lower; Carlsberg down 8% after bid rejected; UK retail sales beat forecast

LONDON — European stocks were lower Friday morning as investors monitored a slew of central bank decisions and data releases.

The pan-European Stoxx 600 index was down 0.26% at 9:10 a.m. in London, with banks and construction stocks leading losses, both down 0.9%.

Carlsberg shares plunged 9% after U.K. soft drinks maker Britvic confirmed it had rejected two unsolicited takeover proposals from the Danish drinks giant, saying the latest offer of 1,250 pence per share "significantly undervalues" the company. Britvic shares jumped more than 11% following the announcement.

Equity markets have shaken off much of last week's negativity after populist, far-right parties made strong gains in elections to the European Union Parliament. Even France's CAC 40 index is heading for a weekly gain after being hammered by the country's shock election announcement, though the euro remains on the back foot as investors brace themselves for a potential far-right victory in the euro zone's second-largest economy.

Options volatility suggests traders see more risk of big currency movements stemming from France than they do for the British pound as a result of the U.K.'s own upcoming election, according to Reuters.

Attention this week turned to central bank action, as the Swiss National Bank announced it would cut interest rates by 0.25 percentage points to 1.25%. The SNB became the first major central bank to cut rates during this cycle back in March.

The Bank of England meanwhile kept interest rates unchanged at a 16-year high of 5.25%. Economists largely detected a dovish undertone to policymakers' latest messaging, as they described a "finely balanced" decision not to cut, though by Friday money market bets on an August rate cut had fallen back