Investing.com - European stocks opened lower on Friday, as declining oil prices continued to weigh broadly on equity markets.
During European morning trade, the EURO STOXX 50 declined 0.45%, France’s CAC 40 slid 0.41%, while Germany’s DAX 30 fell 0.27%.
Crude oil futures for January delivery were down at a seven-year low of $36.67 a barrel in early European morning hours on Friday.
European equities still remained mildly supported however after European Central Bank President Mario Draghi said last week the central bank would step up stimulus measures if necessary to bring inflation back to target.
Financial stocks were broadly lower, as French lenders Societe Generale (PA:SOGN) and BNP Paribas (PA:BNPP) slid 0.62% and 0.38%, while Germany's Commerzbank (DE:CBKG) and Deutsche Bank (DE:DBKGn) dropped 0.41% and 0.51%.
Among peripheral lenders, Italy's Intesa Sanpaolo (MI:ISP) fell 0.26%. Spanish banks BBVA (MC:BBVA) and Banco Santander (MC:SAN) overperformed, whith shares adding 0.01% and 0.13% respectively.
Elsewhere, Renault (PA:RENA) shares tumbled 1.01% despite reports talks to resolve a power struggle over French government influence at the company are making headway.
In London, FTSE 100 slipped 0.19%, as U.K. lenders tracked their European counterparts lower.
Shares in HSBC Holdings (L:HSBA) fell 0.33% and Barclays (L:BARC) lost 0.34%, while Lloyds Banking (L:LLOY) and the Royal Bank of Scotland (L:RBS) dropped 0.54% and 0.57% respectively.
Anglo-African financial services group Old Mutual PLC (L:OML) plunged 3.96% after South-African President Jacob Zuma fired finance minister Nhlanhla Nene, who was held in high regard in business circles.
Sports Direct (L:SPD) added to losses, with shares plummeting 3.04% after The Guardian revealed on Wednesday how the retailer’s temporary warehouse workers are subjected to an extraordinary regime of searches and surveillance.
Undercover reporters also said that thousands of workers were receiving effective hourly rates of pay below the minimum wage.
Meanwhile, mining stocks were mixed on the commodity-heavy index. Shares in Bhp Billiton (L:BLT) edged down 0.12% and Glencore (L:GLEN) slipped 0.28%, while Fresnillo (L:FRES) gained 0.74% and Antofagast rallied 1.48%.
In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a 0.16% gain, S&P 500 futures signaled a 0.20% increase, while the Nasdaq 100 futures indicated a 0.16% rise.