Investing.com - European stocks declined on Monday, as disappointing economic data from Spain added to concerns over the country's financial woes, while investors remained cautious ahead of the upcoming U.S. presidential elections.
During European morning trade, the EURO STOXX 50 declined 0.63%, France’s CAC 40 slid 0.61%, while Germany’s DAX 30 dropped 0.44%.
Sentiment came under pressure after Spain's Employment Ministry said the number of unemployed people rose by a seasonally adjusted 128,200 in October, above expectations for an increase of 90,500.
The number of unemployed people in Spain rose by an unrevised 79,600 in September.
Investors also remained cautious amid ongoing uncertainty over when Spain may request a bailout and whether Greece can implement austerity measures in order to secure the next tranche of its bailout funding.
Meanwhile, markets were jittery amid uncertainty over the outcome of Tuesday’s U.S. presidential elections, with opinion polls indicating a dead heat between President Barack Obama and Republican challenger Mitt Romney.
Financial stocks were broadly lower, as shares in French lenders BNP Paribas and Societe Generale dropped 0.70% and 1.10%, while Germany's Deutsche Bank and Commerzbank tumbled 1.38% and 1.58% respectively.
Peripheral lenders added to losses, with Italian banks Unicredit and Intesa Sanpaolo both sliding 1.19%, while Spain's BBVA and Banco Santander plummeted 1.26% each.
Elsewhere, CGGVeritas plunged 2.15% after the company reported third-quarter net profit of USD48 million, missing analyst estimates for a profit of USD68 million.
Siemens was also on the downside, with shares dropping 0.70% after Financial Times Deutschland reported that the company may have to write down another EUR250 million from the exit of its solar business.
In London, FTSE 100 retreated 0.49%, as U.K. lenders tracked their European counterparts lower.
Shares in Barclays slid 0.60% and the Royal Bank of Scotland tumbled 1.14%, while Lloyds Banking Group and HSBC Holdings plummeted 1.15% and 1.33%.
Mining giants Rio Tinto and BHP Billiton also posted sharp losses, as shares plummeted 1.74% and 1.35%, while copper producers Xstrata and Kazakhmys lost 0.29% and 1.88% respectively.
On the upside, Ryanair surged 7.43% after reporting a 23% rise in second-quarter net profit to EUR496.8 million. The company previously forecast profit would shrink to between EUR400 million and EUR440 million euros.
In the U.S., equity markets pointed to a lower open. The Dow Jones Industrial Average futures pointed to a 0.13% fall, S&P 500 futures signaled a 0.22% loss, while the Nasdaq 100 futures indicated a 0.07% dip.
Later in the day, the euro zone was to produce a report on investor confidence.
In the U.S., the Institute of Supply Management was to publish data on service sector activity.
During European morning trade, the EURO STOXX 50 declined 0.63%, France’s CAC 40 slid 0.61%, while Germany’s DAX 30 dropped 0.44%.
Sentiment came under pressure after Spain's Employment Ministry said the number of unemployed people rose by a seasonally adjusted 128,200 in October, above expectations for an increase of 90,500.
The number of unemployed people in Spain rose by an unrevised 79,600 in September.
Investors also remained cautious amid ongoing uncertainty over when Spain may request a bailout and whether Greece can implement austerity measures in order to secure the next tranche of its bailout funding.
Meanwhile, markets were jittery amid uncertainty over the outcome of Tuesday’s U.S. presidential elections, with opinion polls indicating a dead heat between President Barack Obama and Republican challenger Mitt Romney.
Financial stocks were broadly lower, as shares in French lenders BNP Paribas and Societe Generale dropped 0.70% and 1.10%, while Germany's Deutsche Bank and Commerzbank tumbled 1.38% and 1.58% respectively.
Peripheral lenders added to losses, with Italian banks Unicredit and Intesa Sanpaolo both sliding 1.19%, while Spain's BBVA and Banco Santander plummeted 1.26% each.
Elsewhere, CGGVeritas plunged 2.15% after the company reported third-quarter net profit of USD48 million, missing analyst estimates for a profit of USD68 million.
Siemens was also on the downside, with shares dropping 0.70% after Financial Times Deutschland reported that the company may have to write down another EUR250 million from the exit of its solar business.
In London, FTSE 100 retreated 0.49%, as U.K. lenders tracked their European counterparts lower.
Shares in Barclays slid 0.60% and the Royal Bank of Scotland tumbled 1.14%, while Lloyds Banking Group and HSBC Holdings plummeted 1.15% and 1.33%.
Mining giants Rio Tinto and BHP Billiton also posted sharp losses, as shares plummeted 1.74% and 1.35%, while copper producers Xstrata and Kazakhmys lost 0.29% and 1.88% respectively.
On the upside, Ryanair surged 7.43% after reporting a 23% rise in second-quarter net profit to EUR496.8 million. The company previously forecast profit would shrink to between EUR400 million and EUR440 million euros.
In the U.S., equity markets pointed to a lower open. The Dow Jones Industrial Average futures pointed to a 0.13% fall, S&P 500 futures signaled a 0.22% loss, while the Nasdaq 100 futures indicated a 0.07% dip.
Later in the day, the euro zone was to produce a report on investor confidence.
In the U.S., the Institute of Supply Management was to publish data on service sector activity.