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

European stocks turn lower on German data, U.S. worries; Dax down 0.18%

Published 10/08/2013, 07:18 AM
NDX
-
UK100
-
US500
-
FCHI
-
DJI
-
DE40
-
STOXX50
-
HSBA
-
BARC
-
NWG
-
DBKGn
-
BNPP
-
SAN
-
FTNMX301010
-
FTNMX551030
-
Investing.com - European stocks turned broadly lower on Tuesday, after the release of disappointing German factory orders data and as sustained concerns over the handling of U.S. budget negotiations continued to weigh on investor confidence.

During European afternoon trade, the EURO STOXX 50 fell 0.25%, France’s CAC 40 declined 0.43%, while Germany’s DAX 30 slipped 0.18%.

Official data showed that German factory orders unexpectedly fell 0.3% in August, following a 1.9% drop in July. Analysts had been expecting a gain of 1.2%.

In the U.S., President Barack Obama repeated Monday that he is willing to negotiate with congressional Republicans on a range of topics, including healthcare and energy policy, but only after the government is reopened.

Mr. Obama also called on Congress to raise the government borrowing limit ahead of the October 17 deadline, the date which the Treasury Department has estimated the U.S. could risk a default.

Financial stocks turned lower, as French lenders BNP Paribas and Societe Generale retreated 0.55% and 1.07%, while Germany's Deutsche Bank slid 0.38%.

Among peripheral lenders, Spanish banks Banco Santander and BBVA shed 0.32% and 0.93% respectively, while Italy's Unicredit tumbled 1.12%.

Adding to losses, Novartis shed 0.96% after JPMorgan Chase cut its recommendation on the drugmaker to "neutral" from "overweight".

Elsewhere, Alcatel-Lucent rallied 1.42% after the telecoms equipment maker announced plans to reduce its staff by 10,000 as part of a strategy to save EUR1 billion in costs.

In London, commodity-heavy FTSE 100 declined 0.85%, still weighed by losses in mining stocks.

Shares in Glencore Xstrata and Rio Tinto lost 1.55% and 1.67% respectively, while rival companies BHP Billiton and Polymetal plummeted 1.90% and 2.98%.

Financial stocks were also on the downside, with the Royal Bank of Scotland slipping 0.19% and Barclays down 1.33%, while HSBC Holdings and Lloyds Banking slid 0.59% and 1.25%.

In the U.S., equity markets pointed to a steady open. The Dow Jones Industrial Average futures pointed to a 0.03% slip, S&P 500 futures signaled a 0.05% loss, while the Nasdaq 100 futures indicated a 0.02% dip.

Also Tuesday, official showed that Germany's trade surplus widened more-than-expected in August, rising to EUR15.6 billion from an upwardly revised surplus of EUR15 billion the previous month.

Analysts had expected the trade surplus to widen to EUR15.1 billion in August.


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.