💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

European stocks mixed to lower despite Yellen hearing; Dax down 0.11%

Published 11/15/2013, 03:34 AM
NDX
-
UK100
-
US500
-
FCHI
-
DJI
-
DE40
-
STOXX50
-
HSBA
-
BARC
-
NWG
-
DBKGn
-
BNPP
-
SAN
-
FTNMX301010
-
FTNMX551030
-
Investing.com - European stocks opened mixed to lower on Friday, as Thursday's downbeat economic data out of the euro zone continued to weigh, although dovish comments by Federal Reserve Chair nominee Janet Yellen lent support to global equities.

During European morning trade, the EURO STOXX 50 fell 0.22%, France’s CAC 40 edged down 0.17%, while Germany’s DAX 30 slipped 0.11%.

In a Senate hearing on Thursday, Yellen defended the Fed's stimulus measures to bolster growth and called efforts to boost hiring an "imperative". The comments added to expectations that the Fed's monthly bond purchases may remained unchanged for an extended period of time.

Meanwhile, investors remained cautious after data on Thursday showed that the euro zone economy expanded by 0.1% in the three months to September, slowing from the 0.3% growth achieved in the second quarter when the euro zone exited a recession. Economist had forecast quarter-on-quarter growth of 0.2%.

The euro zone economy contracted at an annual rate of 0.4% in the third quarter, worse than expectations for a 0.3% contraction, after shrinking at an annual rate of 0.6% in the previous quarter.

Financial stocks were mixed to lower, as French lenders BNP Paribas and Societe Generale added 0.29% and 0.85%, although Germany's Deutsche Bank slipped 0.29%.

Among peripheral lenders, Spanish banks BBVA and Banco Santander declined 0.24% and 0.40% respectively, while Italy's Unicredit and Intesa Sanpaolo slid 0.34% and 0.37%.

Elsewhere, Vivendi surged 2.50% after posting better-than-estimated third-quarter profit and saying it plans to spin off its French phone carrier SFR by July 2014.

In London, commodity-heavy FTSE 100 edged up 0.07%, supported by sharp gains in mining stocks.

Shares in Glencore Xstrata rose 0.35%, while Vedanta Resources jumped 1.48% and precious metals miner Randgold Resources was the top performer on the index, rallying 1.56%

Financial stocks were also on the upside, as HSBC Holdings added 0.31% and Lloyds Banking rose 0.30%, while Barclays and the Royal Bank of Scotland advanced 0.66% and 1.01%.

Meanwhile, British Airways parent IAG saw shares tumble 1.29% even as it lifted its 2015 earnings target by 12.5% as discount arm Vueling boosted the group’s Spanish business.

In the U.S., equity markets pointed to a steady to higher open. The Dow Jones Industrial Average futures pointed to a 0.03% gain, S&P 500 futures signaled a 0.05% rise, while the Nasdaq 100 futures indicated a 0.16% increase.

Later in the day, the euro zone was to release data on consumer price inflation, while the U.S. was to produce data on manufacturing activity in the New York region, as well as reports on industrial production and import prices.


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.