Investing.com - European stock markets were mixed to lower in choppy on Thursday, as European leaders failed to reassure investors over the handling of the euro zone debt crisis and Greece’s potential exit from the bloc.
During European morning trade, the EURO STOXX 50 dropped 0.38%, France’s CAC 40 declined 0.17%, while Germany’s DAX 30 fell 0.26%.
Market sentiment weakened after Wednesday’s informal summit of European Union leaders shed no new light on how the euro zone nations intend to tackle their debt crisis, including the threat of Greece's possible exit from the monetary union.
EU leaders did urge Greece to pursue austerity measures, however, and complete the reforms demanded under its bailout program.
The leaders also failed to agree on the introduction of euro bonds, an initiative defended by new French President Francois Hollande but that Germany continues to reject, arguing that it would lessen pressure for heavily indebted countries to get their finances in order.
Financial stocks were mixed, as shares in France’s two biggest lenders BNP Paribas and Societe Generale declined 0.50% and 0.06%, while Germany’s Deutsche Bank and Commerzbank advanced 0.78% and 0.85% respectively.
Meanwhile, German software company, SAP dropped for the second consecutive session, tumbling 1.92% after agreeing to buy Ariba, an online trading platform for businesses, for USD4.3 billion.
France-based Carrefour, the world’s second-largest retailer, was also on the downside, retreating 0.90% although the stock was raised to outperform on Wednesday, the equivalent of buy, from underperform at Credit Suisse Group AG and added to the firm’s focus list.
In London, commodity-heavy FTSE 100 rose 0.21%, supported by gains in the mining sector.
Shares in Bhp Billiton jumped 1.19% and Rio Tinto climbed 0.97%, while Anglo American advanced 0.51%.
BHP Billiton, the world's biggest mining company, announced earlier that it had raised EUR2 billion from its first euro bonds in three years.
Copper producers Xstrata and Kazakhmys were mixed, on the other hand, with shares plummeting 1.93% and adding 0.52% respectively.
Financial stocks were also mixed, as shares in HSBC Holdings climbed 0.90% and Barclays added 0.08%, while Lloyds Banking rose 0.06% and the Royal Bank of Scotland eased 0.10%.
Elsewhere, U.K. retail company Sainsbury saw shares drop 1.13%, after announcing that its “starting prices” for unleaded petrol and diesel fuel had been cut to 129.9 pence per liter - the lowest in the country - and 134.9 pence a liter respectively at its 266 UK filling stations.
The news was likely to spark a fresh price war between the UK’s major supermarket groups.
In the U.S., equity markets pointed to a lower open. The Dow Jones Industrial Average futures pointed to fall of 0.50%, S&P 500 futures signaled a 0.62% loss, while the Nasdaq 100 futures indicated a 0.64% decline.
Also Thursday, the preliminary German manufacturing purchasing managers’ index declined to 45.0 in May from a final reading of 46.2 the previous month, as export orders fell sharply. Analysts had expected the index to rise to 47.0 in May.
Later in the day, the euro zone was to produce preliminary data on manufacturing and service sector growth, while European Central Bank President Mario Draghi was to speak.
In addition, the U.S. was to release official data on core durable goods orders and initial jobless claims.
During European morning trade, the EURO STOXX 50 dropped 0.38%, France’s CAC 40 declined 0.17%, while Germany’s DAX 30 fell 0.26%.
Market sentiment weakened after Wednesday’s informal summit of European Union leaders shed no new light on how the euro zone nations intend to tackle their debt crisis, including the threat of Greece's possible exit from the monetary union.
EU leaders did urge Greece to pursue austerity measures, however, and complete the reforms demanded under its bailout program.
The leaders also failed to agree on the introduction of euro bonds, an initiative defended by new French President Francois Hollande but that Germany continues to reject, arguing that it would lessen pressure for heavily indebted countries to get their finances in order.
Financial stocks were mixed, as shares in France’s two biggest lenders BNP Paribas and Societe Generale declined 0.50% and 0.06%, while Germany’s Deutsche Bank and Commerzbank advanced 0.78% and 0.85% respectively.
Meanwhile, German software company, SAP dropped for the second consecutive session, tumbling 1.92% after agreeing to buy Ariba, an online trading platform for businesses, for USD4.3 billion.
France-based Carrefour, the world’s second-largest retailer, was also on the downside, retreating 0.90% although the stock was raised to outperform on Wednesday, the equivalent of buy, from underperform at Credit Suisse Group AG and added to the firm’s focus list.
In London, commodity-heavy FTSE 100 rose 0.21%, supported by gains in the mining sector.
Shares in Bhp Billiton jumped 1.19% and Rio Tinto climbed 0.97%, while Anglo American advanced 0.51%.
BHP Billiton, the world's biggest mining company, announced earlier that it had raised EUR2 billion from its first euro bonds in three years.
Copper producers Xstrata and Kazakhmys were mixed, on the other hand, with shares plummeting 1.93% and adding 0.52% respectively.
Financial stocks were also mixed, as shares in HSBC Holdings climbed 0.90% and Barclays added 0.08%, while Lloyds Banking rose 0.06% and the Royal Bank of Scotland eased 0.10%.
Elsewhere, U.K. retail company Sainsbury saw shares drop 1.13%, after announcing that its “starting prices” for unleaded petrol and diesel fuel had been cut to 129.9 pence per liter - the lowest in the country - and 134.9 pence a liter respectively at its 266 UK filling stations.
The news was likely to spark a fresh price war between the UK’s major supermarket groups.
In the U.S., equity markets pointed to a lower open. The Dow Jones Industrial Average futures pointed to fall of 0.50%, S&P 500 futures signaled a 0.62% loss, while the Nasdaq 100 futures indicated a 0.64% decline.
Also Thursday, the preliminary German manufacturing purchasing managers’ index declined to 45.0 in May from a final reading of 46.2 the previous month, as export orders fell sharply. Analysts had expected the index to rise to 47.0 in May.
Later in the day, the euro zone was to produce preliminary data on manufacturing and service sector growth, while European Central Bank President Mario Draghi was to speak.
In addition, the U.S. was to release official data on core durable goods orders and initial jobless claims.