Investing.com - European stock markets turned lower on Monday, as investor confidence was weighed by Greece’s credit event ruling while markets eyed a meeting of euro zone finance ministers later in the day.
During European afternoon trade, the EURO STOXX 50 dropped 0.40%, France’s CAC 40 declined 0.33%, while Germany’s DAX 30 retreated 0.18%.
Sentiment came under pressure after the International Swaps and Derivatives Association said Greece’s debt swap constituted a “credit event” that would activate credit-default swaps, which designed to protect investors against losses on Greek sovereign debt.
Meanwhile, investors were also eyeing a meeting of euro zone finance ministers later in the day in Brussels, to give their final approval to a EUR130 billion bailout for Greece.
Ministers were likely to discuss Spain as well, after Prime Minister Mariano Rajoy announced earlier this month that the country would cut its public deficit to 5.8% of annual output, instead of the planned 4.4% this year.
Financial stocks remained mixed as shares in French lenders Societe Generale and BNP Paribas tumbled 2% and 1.27%, while Germany’s Deutsche Bank added 0.54%.
EADS, the European Aeronautic Defense and Space Company, saw shares plunge 1.98% after the World Trade Organization broadly upheld a ruling that Boeing benefited from billions of dollars of unfair subsidies, in part of the world's largest trade dispute that has already revealed significant European aid to Airbus.
On the upside, BMW gained 0.77% on reports the company plans to hire about 4,000 workers this year. BMW also expects faster growth than the global market, according to Automotive News Europe.
In London, FTSE 100 fell 0.25%, weighed by sharp losses in financial stocks.
Shares in the Royal Bank of Scotland plunged 2.52% and Barclays plummeted 2.11%, while Lloyds Banking and HSBC Holdings tumbled 1.57% and 0.41% respectively.
Mining giants Rio Tinto and Bhp Billiton also added to losses, with shares sliding 1.31% and 0.78%, while copper producer Xstrata lost 0.22%.
Meanwhile, mining and commodities trading company Glencore slipped 0.15% following reports that the company has expressed an interest in buying Viterra, Canada’s biggest grain handler.
In the U.S., equity markets pointed to a lower open. The Dow Jones Industrial Average futures pointed to a fall of 0.22%, S&P 500 futures signaled a 0.29% decline, while the Nasdaq 100 futures indicated a 0.28% loss.
Later in the day, the U.S. was to publish government data on the federal budget balance.
During European afternoon trade, the EURO STOXX 50 dropped 0.40%, France’s CAC 40 declined 0.33%, while Germany’s DAX 30 retreated 0.18%.
Sentiment came under pressure after the International Swaps and Derivatives Association said Greece’s debt swap constituted a “credit event” that would activate credit-default swaps, which designed to protect investors against losses on Greek sovereign debt.
Meanwhile, investors were also eyeing a meeting of euro zone finance ministers later in the day in Brussels, to give their final approval to a EUR130 billion bailout for Greece.
Ministers were likely to discuss Spain as well, after Prime Minister Mariano Rajoy announced earlier this month that the country would cut its public deficit to 5.8% of annual output, instead of the planned 4.4% this year.
Financial stocks remained mixed as shares in French lenders Societe Generale and BNP Paribas tumbled 2% and 1.27%, while Germany’s Deutsche Bank added 0.54%.
EADS, the European Aeronautic Defense and Space Company, saw shares plunge 1.98% after the World Trade Organization broadly upheld a ruling that Boeing benefited from billions of dollars of unfair subsidies, in part of the world's largest trade dispute that has already revealed significant European aid to Airbus.
On the upside, BMW gained 0.77% on reports the company plans to hire about 4,000 workers this year. BMW also expects faster growth than the global market, according to Automotive News Europe.
In London, FTSE 100 fell 0.25%, weighed by sharp losses in financial stocks.
Shares in the Royal Bank of Scotland plunged 2.52% and Barclays plummeted 2.11%, while Lloyds Banking and HSBC Holdings tumbled 1.57% and 0.41% respectively.
Mining giants Rio Tinto and Bhp Billiton also added to losses, with shares sliding 1.31% and 0.78%, while copper producer Xstrata lost 0.22%.
Meanwhile, mining and commodities trading company Glencore slipped 0.15% following reports that the company has expressed an interest in buying Viterra, Canada’s biggest grain handler.
In the U.S., equity markets pointed to a lower open. The Dow Jones Industrial Average futures pointed to a fall of 0.22%, S&P 500 futures signaled a 0.29% decline, while the Nasdaq 100 futures indicated a 0.28% loss.
Later in the day, the U.S. was to publish government data on the federal budget balance.