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

European stocks slip lower as markets digest Fed news; Dax down 0.01%

Published 11/20/2013, 03:35 AM
NDX
-
UK100
-
US500
-
FCHI
-
DJI
-
DE40
-
STOXX50
-
HSBA
-
BARC
-
NWG
-
DBKGn
-
BNPP
-
SAN
-
FTNMX551030
-
Investing.com - European stocks slipped lower on Wednesday, as markets were still digesting positive comments by Federal Reserve Chairman Ben Bernanke.

During European morning trade, the EURO STOXX 50 eased 0.02%, France’s CAC 40 edged 0.06% lower, while Germany’s DAX 30 dipped 0.01%.

Bernanke said the Fed would maintain its accommodative monetary policy for as long as needed and would taper its USD85 billion-a-month asset purchase program only when it was sure that improvements in the labor market would continue.

Interest rates will probably remain near zero for a “considerable time” after the bank winds up asset purchase program, he added.

Last week Janet Yellen, who has been nominated to succeed Ben Bernanke, reiterated the need for continued stimulus to ensure a robust economic recovery.

Investors were turning their attention to the minutes of the Fed’s October meeting due later Wednesday for further indications on the future course of U.S. monetary policy.

Financial stocks were mixed, as French lenders BNP Paribas and Societe Generale slipped 0.17% and 0.35%, while Germany's Deutsche Bank gained 0.47%.

Among peripheral lenders, Banco Santander added 0.10% and BBVA edged down 0.17% in Spain, while Italy's Intesa Sanpaolo and Unicredit rose 0.32% and 0.53% respectively.

Elsewhere, ThyssenKrupp tumbled 1.15% amid reports it is in talks to sell its Alabama plant to ArcelorMittal and Nippon Steel & Sumitomo Metal Corp., who have teamed up in a joint bid.

In London, commodity-heavy FTSE 100 fell 0.14%, weighed by losses in the mining sector.

Shares in Glencore Xstrata declined 0.51%, while rivals Rio Tinto and BHP Billiton retreated 0.52% and 0.11% respectively.

Adding to losses, Diageo plummeted 1.33% after Chief Executive Officer Ivan Menezes said uncertainties in the global economy will weigh on sales growth.

Meanwhile, financial stocks were mixed. HSBC Holdings eased up 0.05% and Barclays rose 0.28%, while Royal Bank of Scotland gained 0.37%. Lloyds Banking underperformed on the other hand, down 0.23%.

In the U.S., equity markets pointed to a steady open. The Dow Jones Industrial Average futures pointed to a 0.08% rise, S&P 500 futures signaled a 0.06% gain, while the Nasdaq 100 futures indicated a 0.04% uptick.

Later in the day, the U.S. was data on retail sales and consumer 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.