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European stocks remain mostly lower in cautious trade; Dax down 0.22%

Published 10/14/2013, 07:23 AM
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Investing.com - European stocks remained mostly lower on Monday, as concerns over the U.S. budget deadlock and a potential sovereign default continued to weigh on market sentiment.

During European afternoon trade, the EURO STOXX 50 fell 0.18%, France’s CAC 40 shed 0.26%, while Germany’s DAX 30 slid 0.22%.

Negotiations between U.S. President Barack Obama and House Republicans broke down over the weekend, fuelling concerns that a deal to raise the government borrowing limit would not be struck ahead of Thursday’s deadline to avert an unprecedented U.S. sovereign debt default.

Central bankers and finance ministers in Washington for the annual meeting of the International Monetary Fund and World Bank over the weekend called for “urgent action” to break the deadlock.

Separately, a two-day meeting of euro zone finance ministers was to begin later on Monday to discuss, among other topics, Greece and banking supervision.

Financial stocks were mixed, as French lenders BNP Paribas and Societe Generale slipped 0.17% and 0.32%, while Germany's Deutsche Bank erased earlier losses, up 0.36%.

Among peripheral lenders, Spanish banks Banco Santander and BBVA climbed 0.41% and 0.80% respectively, while Italy's Unicredit and Intesa Sanpaolo turned lower, retreating 0.55% and 0.96%.

Elsewhere, Dassault Systemes dove 6.05% after the maker of design software said revenue in the third quarter rose 4%, falling short of targeted growth of 8 to 9%.

On the upside, Paris-based EDF rallied 2.51% as Energy Secretary Ed Davey said the U.K. is “extremely close” to announcing a deal with Europe’s biggest power generator to build Britain’s first nuclear power station since 1995.

In London, FTSE 100 edged up 0.11%, although U.K. lenders continued to track their European counterparts lower.

Shares in Barclays slid 0.36 and HSBC Holdings lost 0.30%, while Lloyds Banking and the Royal Bank of Scotland plummeted 1.09% and 2.61% respectively.

Meanwhile, mining stocks were mixed, as Rio Tinto inched up 0.03% and BHP Billiton added 0.16%, while Glencore Xstrata tumbled 1.38% and Polymetal slumped 1.69%.

In the U.S., equity markets pointed to a lower open. The Dow Jones Industrial Average futures pointed to a 0.61% loss, S&P 500 futures signaled a 0.64% drop, while the Nasdaq 100 futures indicated a 0.41% decline.


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