Investing.com - European stock markets turned lower on Wednesday, as investor confidence weakened amid concerns over a deal to restructure Greek debt while markets eyed a speech by European Central Bank President Mario later in the day.
During European early afternoon trade, the EURO STOXX 50 tumbled 1.13%, France’s CAC 40 dropped 0.89%, while Germany’s DAX 30 declined 0.72%.
Concerns over a potential Greek default persisted as talks on a deal to help restructure the country’s sovereign debt stalled on Tuesday.
Sentiment briefly found support earlier after data showed that German business confidence improved more-than-expected in January, moving higher for the third consecutive month.
Financial stocks turned broadly lower as shares in France’s Societe Generale plunged 4.17% and BNP Paribas tumbled 1.81%, while German Deutsche bank and Commerzbank declined 1.64% and 1.06% respectively.
Peripheral lenders also contributed to losses with Italy’s Unicredit and Intesa Sanpaolo dropping 0.59% and 0.89%, while Spanish lenders BBVA and Banco Santander plummeted 1.32% and 1.17%.
On the upside, Roche Holding climbed 1.11% after offering about USD5.7 billion in cash for Illumina Inc. to bolster its cancer-drug sales.
Novartis edged up 0.25%, erasing earlier losses after the drug maker said sales probably won’t grow this year and profitability will be hurt as the company’s biggest-selling medicine loses U.S. patent protection.
In London, FTSE 100 slid 0.75%, after preliminary data showed that the U.K.’s growth domestic product contracted more-than-expected in the fourth quarter.
Shares in the Royal Bank of Scotland plunged 2.96% and Lloyds Banking tumbled 2.59%, while Barclays and HSBC Holdings retreated 1.84% and 1.57%.
Meanwhile, Rio Tinto and Bhp Billiton also turned lower, with shares shedding 0.16% and 0.45% respectively, while copper producers Xstrata and Kazakhmys slumped 0.70% and 0.18%.
Elsewhere, ARM, the U.K. owner of chip technology used in Apple’s iPhone and iPad, saw shares surge 4.05% after Apple reported quarterly profit that more than doubled.
In the U.S., equity markets pointed to a mixed open. The Dow Jones Industrial Average futures pointed to a fall of 0.43%, S&P 500 futures signaled a 0.40% loss, while the Nasdaq 100 futures indicated a 0.54% rise.
Later in the day, the Federal Reserve was to announce the federal funds rate and publish its official rate statement. The U.S. was also to release industry data on pending home sales, followed by official data on crude oil stockpiles.
Meanwhile, the World Economic Forum was to begin its five-day annual meeting in Davos in Switzerland.
During European early afternoon trade, the EURO STOXX 50 tumbled 1.13%, France’s CAC 40 dropped 0.89%, while Germany’s DAX 30 declined 0.72%.
Concerns over a potential Greek default persisted as talks on a deal to help restructure the country’s sovereign debt stalled on Tuesday.
Sentiment briefly found support earlier after data showed that German business confidence improved more-than-expected in January, moving higher for the third consecutive month.
Financial stocks turned broadly lower as shares in France’s Societe Generale plunged 4.17% and BNP Paribas tumbled 1.81%, while German Deutsche bank and Commerzbank declined 1.64% and 1.06% respectively.
Peripheral lenders also contributed to losses with Italy’s Unicredit and Intesa Sanpaolo dropping 0.59% and 0.89%, while Spanish lenders BBVA and Banco Santander plummeted 1.32% and 1.17%.
On the upside, Roche Holding climbed 1.11% after offering about USD5.7 billion in cash for Illumina Inc. to bolster its cancer-drug sales.
Novartis edged up 0.25%, erasing earlier losses after the drug maker said sales probably won’t grow this year and profitability will be hurt as the company’s biggest-selling medicine loses U.S. patent protection.
In London, FTSE 100 slid 0.75%, after preliminary data showed that the U.K.’s growth domestic product contracted more-than-expected in the fourth quarter.
Shares in the Royal Bank of Scotland plunged 2.96% and Lloyds Banking tumbled 2.59%, while Barclays and HSBC Holdings retreated 1.84% and 1.57%.
Meanwhile, Rio Tinto and Bhp Billiton also turned lower, with shares shedding 0.16% and 0.45% respectively, while copper producers Xstrata and Kazakhmys slumped 0.70% and 0.18%.
Elsewhere, ARM, the U.K. owner of chip technology used in Apple’s iPhone and iPad, saw shares surge 4.05% after Apple reported quarterly profit that more than doubled.
In the U.S., equity markets pointed to a mixed open. The Dow Jones Industrial Average futures pointed to a fall of 0.43%, S&P 500 futures signaled a 0.40% loss, while the Nasdaq 100 futures indicated a 0.54% rise.
Later in the day, the Federal Reserve was to announce the federal funds rate and publish its official rate statement. The U.S. was also to release industry data on pending home sales, followed by official data on crude oil stockpiles.
Meanwhile, the World Economic Forum was to begin its five-day annual meeting in Davos in Switzerland.