Investing.com - European stocks were lower on Tuesday, as declining oil prices weighed on energy-linked stocks, although recent comments by European Central Bank President Mario Draghi still lent some support.
During European morning trade, the EURO STOXX 50 slipped 0.24%, France’s CAC 40 declined 0.35%, while Germany’s DAX 30 fell 0.28%.
European equities had strengthened after ECB President Mario Draghi said Friday the central bank would step up stimulus measures if necessary to bring inflation back to target.
Crude oil futures for January delivery were at $37.53 in European morning hours on Tuesday, dragging energy stocks lower.
Shares in French oil and gas major Total SA (PA:TOTF) tumbled 1.21% and Norwegian rival Statoil ASA (OL:STL) lost 1.93%, while Italy's ENI (MI:ENI) (MI:ENI) saw shares plummet 1.40%.
Financial stocks were also broadly lower, as French lenders BNP Paribas (PA:BNPP) and Societe Generale (PA:SOGN) tumbled 0.91% and 1.31%, while Germany's Deutsche Bank (DE:DBKGn) and Commerzbank (DE:CBKG) retreated 1.31% and 1.39%.
Among peripheral lenders, Italy's Intesa Sanpaolo (MI:ISP) and Unicredit (MI:CRDI) declined 0.76% and 1.21% respectively, while Spanish banks Banco Santander (MC:SAN) and BBVA (MC:BBVA) slid 0.60% and 0.63%.
Elsewhere, Orange SA (PA:ORAN) shares rallied 1.23% amid reports the company is in early talks over a potential buyout of Bouygues (PA:BOUY) SA’s telecommunications and media assets. Shares in Bouygues were up 3.28% following the news.
In London, commodity heavy FTSE 100 slipped 0.28%, weighed by losses in energy and mining stocks.
Oil and gas giant BP (L:BP) saw shares tumble 1.25%, while rival company Petrofac (L:PFC) lost 1.05% and Royal Dutch Shell (L:RDSa) dropped 0.46%.
Mining companies Anglo American (L:AAL) and Bhp Billiton (L:BLT) plummeted 1.60% and 2.95%, while Rio Tinto (L:RIO) and Glencore (L:GLEN) dove 3% and 3.47% respectively.
Financial stocks added to losses, as Lloyds Banking (L:LLOY) fell 0.26% and the Royal Bank of Scotland (L:RBS) retreated 0.57%, while HSBC Holdings (L:HSBA) declined 0.89% and Barclays (L:BARC) tumbled 1.12%.
On the upside, J Sainsbury PLC (L:SBRY) surged 2.50% after the stock had its "hold" rating reaffirmed by Deutsche Bank.
In the U.S., equity markets pointed to a lower open. The Dow Jones Industrial Average futures pointed to a 0.39% loss, S&P 500 futures signaled a 0.40% drop, while the Nasdaq 100 futures indicated a 0.37% decline.