Investing.com - European stocks were mixed in choppy trade on Wednesday, as ongoing concerns over the outcome of Greek debt negotiations continued to weigh on equity markets.
During European morning trade, the EURO STOXX 50 eased 0.02%, France’s CAC 40 inched 0.06% lower, while Germany’s DAX 30 added 0.13%.
Athens was expected to resume talks on a cash-for-reforms deal with its international lenders later in the day.
Greece’s bailout agreement with the European Union and the International Monetary Fund is set to expire at the end of this month and it cannot make further debt repayments without a new deal.
German Chancellor Angela Merkel warned Monday that "there isn’t much time left" to reach an agreement on a cash-for-reforms deal needed to unlock more financial aid before Greece runs out of money.
Financial stocks were broadly lower, as French lenders BNP Paribas (PARIS:BNPP) and Societe Generale (PARIS:SOGN) slipped 0.13% and 0.12%, while Germany's Commerzbank (XETRA:CBKG) and Deutsche Bank (XETRA:DBKGn) declined 0.68% and 1.34%.
Standard & Poor’s cut the two lenders' ratings earlier Wednesday on the prospect that governments are less likely to provide aid in a crisis.
Among peripheral lenders, Italy's Unicredit (MILAN:CRDI) edged down 0.08%, while Spanish banks Banco Santander (MADRID:SAN) and BBVA (MADRID:BBVA) fell 0.29% and 0.37% respectively.
Elsewhere, Allianz (XETRA:ALVG) SE saw shares drop 0.67% after the Europe's biggest insurer announced plans to shrink its branch network in Germany as low interest rates and regulatory demands weigh on the company.
In London, FTSE 100 dipped 0.02%, as U.K. lenders tracked their European counterparts lower.
Shares in the Royal Bank of Scotland (LONDON:RBS) slipped 0.13% and Lloyds Banking (LONDON:LLOY) fell 0.25%, while HSBC Holdings (LONDON:HSBA) and Barclays (LONDON:BARC) retreated 0.47% and 0.69%.
Weir Group (LONDON:WEIR) led losses on the index, with shares plummeting 2.08% after the engineering group said it expects its full-year revenue, margins and profit to be more weighted towards the second half than in previous years.
Meanwhile, mining stocks were broadly higher. Glencore Xstrata (LONDON:GLEN) gained 0.63% and Bhp Billiton (LONDON:BLT) jumped 1.25%, while Rio Tinto (LONDON:RIO) and Anglo American (LONDON:AAL) rallied 1.28% and 1.66% respectively.
In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a 0.19% gain, S&P 500 futures signaled a 0.22% rise, while the Nasdaq 100 futures indicated a 0.23% increase.