🤯 Have you seen our AI stock pickers’ 2024 results? 84.62%! Grab November’s list now.Pick Stocks with AI

European stocks lower ahead of German Ifo data; Dax down 0.66%

Published 07/25/2013, 03:44 AM
Updated 07/25/2013, 03:47 AM
NDX
-
UK100
-
FCHI
-
DJI
-
DE40
-
STOXX50
-
HSBA
-
BARC
-
NWG
-
DBKGn
-
BNPP
-
SAN
-
FTNMX551030
-
Investing.com - European stocks were lower on Thursday, despite a positive Spanish unemployment report, as markets were jittery after a string of downbeat earnings reports and ahead of the release of German business climated data.

During European morning trade, the EURO STOXX 50 slumped 0.45%, France’s CAC 40 fell 0.25%, while Germany’s DAX 30 declined 0.66%.

Official data earlier showed that Spain's unemployment rate ticked down to 26.3% in the second quarter, from a reading of 27.2 in the previous quarter. Analysts had expected the unemployment rate to remain unchanged in the last quarter.

European stocks gained ground on Wednesday, after data showed that the euro zone’s composite output purchasing managers’ index rose to its highest level in 18 months in July.

The data fuelled optimism that the bloc’s economy could emerge from a recession in the third quarter.

Financial stocks were mixed, as French lenders BNP Paribas and Societe Generale added 0.31% and 0.07%, while Germany's Deutsche Bank slid 0.45%.

Among peripheral lenders, Spain saw BBVA slip 0.16% and Banco Santander inch up 0.02%, while in Italy, Intesa Sanpaolo fell 0.36% and Unicredit edged up 0.25%.

Among earnings, BASF plummeted 3.94% after the chemical maker reported profit that missed projections and said meeting its targets looks difficult.

Adding to losses, Michelin dove 4.16% after the largest tiremaker reported a 13% decline in first-half profit, as slumping auto markets in Europe weighed on demand.

In London, commodity-heavy FTSE 100 shed 0.35%, weighed by losses in mining stocks and as investors awaited the release of preliminary U.K. economic growth data.

Mining giants Rio Tinto and BHP Billiton tumbled 1.01% and 1.51% respectively, while rivals Fresnillo and Evraz plunged 2.99% and 3.12%.

Meanwhile, financial stocks were broadly higher. Shares in HSBC Holdings and Lloyds Banking added 0.12% and 0.13%, while Barclays and the Royal Bank of Scotland gained 0.65% and 1.38%.

Elsewhere, ARM Holdings sank 5.08%, erasing the previous day's gains after the company reported on Wedesday second-quarter sales that beat estimates.

In the U.S., equity markets pointed to a lower open. The Dow Jones Industrial Average futures pointed to a 0.23% loss, S&P 500 futures signaled a 0.27% fall, while the Nasdaq 100 futures indicated a 0.06% dip.

Later in the day, the Ifo Institute was to release its report on German business climate, while the U.S. was to produce data on initial jobless claims and durable goods orders.


Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.