Investing.com - European stocks turned broadly lower on Wednesday, ahead of a meeting of European Union leaders and as markets eyed congressional testimony on the economy by Federal Reserve Chairman Ben Bernanke later in the day.
During European afternoon trade, the EURO STOXX 50 retreated 0.40%, France’s CAC 40 declined 0.50%, while Germany’s DAX 30 fell 0.23%.
Investors remained cautious ahead testimony at the U.S. Joint Economic Committee by Ben Bernanke, amid speculation over whether the U.S. central bank will begin to scale back its asset purchase program this year.
The minutes of the Fed’s May meeting are to be released later in the trading day.
On Tuesday, St. Louis Fed President James Bullard said the Fed should continue its bond buying and make adjustments as the economy changes.
Financial stocks were mixed, as French lenders BNP Paribas and Societe Generale slid 0.88% and 0.97%, while Germany's Deutsche Bank gained 0.41%.
Among peripheral lenders, Spanish banks Banco Santander and BBVA retreated 0.55% and 1.52% respectively, while Italy's Unicredit and Intesa Sanpaolo advanced 0.33% and 1.12%.
In London, FTSE 100 slipped 0.10% after official data showed that U.K. retail sales fell by the most in a year in April.
Mining stocks were mixed, as BHP Billiton and Anglo American rose 0.35% and 0.60% respectively, while Rio Tinto shed 0.33%.
On the downside, William Morrison Supermarkets plummeted 2.90% after UBS AG placed shares on behalf of an international seller.
Meanwhile, financial stocks remained mostly higher. Barclays climbed 0.73% and the Royal Bank of Scotland jumped 1.15%, while Lloyds Banking surged 2.10%.
HSBC Holdings continued to underperform on the other hand, retreating 0.64%.
In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a 0.10% rise, S&P 500 futures signaled a 0.13% gain, while the Nasdaq 100 futures indicated a 0.14% increase.
European Union leaders were to hold an economic summit in Brussels later in the day, while the U.S. was to release data on existing home sales.
During European afternoon trade, the EURO STOXX 50 retreated 0.40%, France’s CAC 40 declined 0.50%, while Germany’s DAX 30 fell 0.23%.
Investors remained cautious ahead testimony at the U.S. Joint Economic Committee by Ben Bernanke, amid speculation over whether the U.S. central bank will begin to scale back its asset purchase program this year.
The minutes of the Fed’s May meeting are to be released later in the trading day.
On Tuesday, St. Louis Fed President James Bullard said the Fed should continue its bond buying and make adjustments as the economy changes.
Financial stocks were mixed, as French lenders BNP Paribas and Societe Generale slid 0.88% and 0.97%, while Germany's Deutsche Bank gained 0.41%.
Among peripheral lenders, Spanish banks Banco Santander and BBVA retreated 0.55% and 1.52% respectively, while Italy's Unicredit and Intesa Sanpaolo advanced 0.33% and 1.12%.
In London, FTSE 100 slipped 0.10% after official data showed that U.K. retail sales fell by the most in a year in April.
Mining stocks were mixed, as BHP Billiton and Anglo American rose 0.35% and 0.60% respectively, while Rio Tinto shed 0.33%.
On the downside, William Morrison Supermarkets plummeted 2.90% after UBS AG placed shares on behalf of an international seller.
Meanwhile, financial stocks remained mostly higher. Barclays climbed 0.73% and the Royal Bank of Scotland jumped 1.15%, while Lloyds Banking surged 2.10%.
HSBC Holdings continued to underperform on the other hand, retreating 0.64%.
In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a 0.10% rise, S&P 500 futures signaled a 0.13% gain, while the Nasdaq 100 futures indicated a 0.14% increase.
European Union leaders were to hold an economic summit in Brussels later in the day, while the U.S. was to release data on existing home sales.