Investing.com – European stocks were mixed Monday, as losses among pharmaceuticals and food producers were largely offset by gains in the regions financial sector after positive euro zone bank stress test results.
During European morning trade, the EURO STOXX 50 advanced 0.27%; France’s CAC 40 rose 0.24% while Germany's DAX was down 0.11%.
The stress test results, which were released after markets closed on Friday, revealed that one German, one Greek and five Spanish banks failed that test and may need to raise more than EUR 3.5 billion of additional capital.
In the financial sector, French banks preformed well after the results. Societe Generale was up 2.36%, BNP Paribas advanced 1.45% and Credit Agricole gained 1.39%.
Earlier in the day, pharmaceutical giant GlaxoSmithKline shed 1.1% after media reports that it approached Genzyme, the world's third-largest biotechnology company, with an interest in buying the company.
Elsewhere in the sector, Novartis shed 1.06%, AstraZeneca shed 1.48% and Roche slid 1.54%.
In London, the FTSE 100 was up 0.18% after the UK's "big four" - Barclays, HSBC and part-nationalised Lloyds Banking Group and Royal Bank of Scotland - emerged unscathed from Friday's stress test result.
Also in London, shares in BP advanced 1.74% it was reported that chief executive Tony Howard was to stand down over his handling of the Gulf of Mexico oil spill, sparking speculation that he would be replaced by Bob Dudley, who has taken over the clean-up operation.
The outlook for U.S. equity markets, meanwhile, was optimistic: Dow Jones Industrial Average futures indicated an increase of 0.05%, S&P 500 futures pointed to a gain of 0.04% and Nasdaq 100 futures indicated an advance of 0.05%.
Later in the day, the U.S. was due to release data on new home sales.
During European morning trade, the EURO STOXX 50 advanced 0.27%; France’s CAC 40 rose 0.24% while Germany's DAX was down 0.11%.
The stress test results, which were released after markets closed on Friday, revealed that one German, one Greek and five Spanish banks failed that test and may need to raise more than EUR 3.5 billion of additional capital.
In the financial sector, French banks preformed well after the results. Societe Generale was up 2.36%, BNP Paribas advanced 1.45% and Credit Agricole gained 1.39%.
Earlier in the day, pharmaceutical giant GlaxoSmithKline shed 1.1% after media reports that it approached Genzyme, the world's third-largest biotechnology company, with an interest in buying the company.
Elsewhere in the sector, Novartis shed 1.06%, AstraZeneca shed 1.48% and Roche slid 1.54%.
In London, the FTSE 100 was up 0.18% after the UK's "big four" - Barclays, HSBC and part-nationalised Lloyds Banking Group and Royal Bank of Scotland - emerged unscathed from Friday's stress test result.
Also in London, shares in BP advanced 1.74% it was reported that chief executive Tony Howard was to stand down over his handling of the Gulf of Mexico oil spill, sparking speculation that he would be replaced by Bob Dudley, who has taken over the clean-up operation.
The outlook for U.S. equity markets, meanwhile, was optimistic: Dow Jones Industrial Average futures indicated an increase of 0.05%, S&P 500 futures pointed to a gain of 0.04% and Nasdaq 100 futures indicated an advance of 0.05%.
Later in the day, the U.S. was due to release data on new home sales.