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European stocks mixed ahead of E.Z. GDP report; Dax up 0.14%

Published 02/14/2014, 03:38 AM
European stocks open mixed ahead of data
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Investing.com - European stocks were mixed on Friday, as investors were eyeing the release of euro zone economic growth data later in the day, although positive figures from German and France lent some support.

During European morning trade, the EURO STOXX 50 eased 0.04%, France’s CAC 40 inched 0.06% lower, while Germany’s DAX 30 added 0.14%.

Preliminary data earlier showed that German gross domestic product rose 0.4% in the fourth quarter, exceeding expectations for a 0.3% expansion, and after a 0.3% rise in the three months to September.

A preliminary report also showed that French GDP expanded by 0.3% in the last quarter, compared to expectations for a 0.2% rise, after a 0.1% contraction in the third quarter.

Separately, Italian Prime Minister Enrico Letta announced his resignation on Thursday after his Democratic Party withdrew support for him at a meeting leadership meeting.

Financial stocks were broadly lower, as French lenders BNP Paribas and Societe Generale slid 1.37% and 0.13%, while Germany's Deutsche Bank dropped 0.79%.

Among peripheral lenders, Spanish banks Banco Santander and BBVA fell 0.10% and 0.12% respectively. Italy's Intesa Sanpaolo and Unicredit overperformed however, up 0.70% and 0.72%.

Elsewhere, ThyssenKrupp rallied 1.77% after the German steelmaker reported earnings that beat analysts’ estimates as revenue from non-steel businesses increased and losses from its Steel Americas unit narrowed.

In London, FTSE 100 edged down 0.13%, as U.K. lenders tracked their European counterparts lower.

Shares in Lloyds Banking and HSBC Holdings slipped 0.21% and 0.24% respectively, while Barclays slid 0.34% and the Royal Bank of Scotland dropped 0.94%.

Meanwhile, mining stocks were broadly higher, as BHP Billiton and Glencore Xstrata jumped 1.15% and 1.26%, while rivals Anglo American and Fresnillo surged 1.19% and 3.69%.

Earlier in the day, Anglo American reported full-year earnings per share of USD2.09, beating a projection for USD1.88.

In the U.S., equity markets pointed to a lower open. The Dow Jones Industrial Average futures pointed to a 0.23% fall, S&P 500 futures signaled a 0.25% decline, while the Nasdaq 100 futures indicated a 0.12% loss.

Later in the day, the euro zone was to release preliminary data on fourth quarter GDP. The U.S. was to produce the preliminary reading of the University of Michigan consumer sentiment index, as well as data on import prices and industrial production.

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