Investing.com - European stock markets edged higher on Wednesday, but sentiment remained under pressure as investors eyed political developments in Greece and France after weekend elections sparked fresh concerns over the handling of the debt crisis.
During European morning trade, the EURO STOXX 50 added 0.29%, France’s CAC 40 advanced 0.26%, while Germany’s DAX 30 rose 0.37%.
Sentiment was hit after the leader of Greece's Left Coalition party said on Tuesday that the country's commitment to a European Union/International Monetary Fund rescue deal had become null and void.
Greece's two main pro-bailout parties failed to win a majority in weekend elections, leaving questions over the country's ability to avert bankruptcy and stay in the euro.
Investors were also watching developments in France, as Socialist President-elect Francois Hollande has advocated an approach to tackling the debt crisis centered more on growth, which may create tensions with Germany's insistence on fiscal austerity.
Dutch lender ING Group led gains, climbing 3.06%, after posting a 51% drop in first-quarter net income to EUR680 million after a charge for a potential settlement of a U.S. probe offset a gain on the sale of its U.S. online bank.
France’s Societe Generale also rose 0.67%, while German lenders Deutsche Bank and Commerzbank declined 0.36% and 1.18% respectively.
Elsewhere, Swiss-based cement maker Holcim tumbled 2.23% after reporting earnings before interest, taxes, depreciation and amortization of CHF776 million, falling short of analysts’ average estimate of CHF778.2 million.
The company also said it will unveil details of its cost-cutting plan next week which will “significantly” improve operating profit.
On the upside, Carlsberg AG jumped 3.24% after the world’s fourth-biggest brewer reported a 43% drop in first-quarter operating profit as it sold less beer in Russia.
In London, FTSE 100 eased up 0.04%, after industry data showed that retail sales in the U.K. fell 3.3% in April after a 1.3% rise the previous month.
Financial stocks were broadly higher, as shares in HSBC Holdings climbed 0.94% and Barclays rose 0.98%, while Lloyds Banking added 0.25%.
Itv also contributed to gains, surging 3.26%, after the broadcaster said TV ad revenues could be up by as much as 17% in June, thanks to an advertising surge from campaigns around the Queen's diamond jubilee and the Euro 2012 football tournament.
Mining giants Rio Tinto and Bhp Billiton turned lower, however, with shares falling 0.22% and 0.28%, while copper producers Xstrata and Kazakhmys added 0.25% and 0.34%.
In the U.S., equity markets pointed to a lower open. The Dow Jones Industrial Average futures pointed to fall of 0.12%, S&P 500 futures signaled a 0.28% decline, while the Nasdaq 100 futures indicated a 0.26% loss.
Later in the day, the U.S. was to produce government data on crude oil stockpiles. A 10-year U.S. government bond auction was also scheduled.
During European morning trade, the EURO STOXX 50 added 0.29%, France’s CAC 40 advanced 0.26%, while Germany’s DAX 30 rose 0.37%.
Sentiment was hit after the leader of Greece's Left Coalition party said on Tuesday that the country's commitment to a European Union/International Monetary Fund rescue deal had become null and void.
Greece's two main pro-bailout parties failed to win a majority in weekend elections, leaving questions over the country's ability to avert bankruptcy and stay in the euro.
Investors were also watching developments in France, as Socialist President-elect Francois Hollande has advocated an approach to tackling the debt crisis centered more on growth, which may create tensions with Germany's insistence on fiscal austerity.
Dutch lender ING Group led gains, climbing 3.06%, after posting a 51% drop in first-quarter net income to EUR680 million after a charge for a potential settlement of a U.S. probe offset a gain on the sale of its U.S. online bank.
France’s Societe Generale also rose 0.67%, while German lenders Deutsche Bank and Commerzbank declined 0.36% and 1.18% respectively.
Elsewhere, Swiss-based cement maker Holcim tumbled 2.23% after reporting earnings before interest, taxes, depreciation and amortization of CHF776 million, falling short of analysts’ average estimate of CHF778.2 million.
The company also said it will unveil details of its cost-cutting plan next week which will “significantly” improve operating profit.
On the upside, Carlsberg AG jumped 3.24% after the world’s fourth-biggest brewer reported a 43% drop in first-quarter operating profit as it sold less beer in Russia.
In London, FTSE 100 eased up 0.04%, after industry data showed that retail sales in the U.K. fell 3.3% in April after a 1.3% rise the previous month.
Financial stocks were broadly higher, as shares in HSBC Holdings climbed 0.94% and Barclays rose 0.98%, while Lloyds Banking added 0.25%.
Itv also contributed to gains, surging 3.26%, after the broadcaster said TV ad revenues could be up by as much as 17% in June, thanks to an advertising surge from campaigns around the Queen's diamond jubilee and the Euro 2012 football tournament.
Mining giants Rio Tinto and Bhp Billiton turned lower, however, with shares falling 0.22% and 0.28%, while copper producers Xstrata and Kazakhmys added 0.25% and 0.34%.
In the U.S., equity markets pointed to a lower open. The Dow Jones Industrial Average futures pointed to fall of 0.12%, S&P 500 futures signaled a 0.28% decline, while the Nasdaq 100 futures indicated a 0.26% loss.
Later in the day, the U.S. was to produce government data on crude oil stockpiles. A 10-year U.S. government bond auction was also scheduled.