Investing.com - European stocks remained lower on Wednesday, as concerns over the outlook for China continued to weigh on market sentiment, despite the release of strong German consumer climate data earlier in the trading session.
During European afternoon trade, the EURO STOXX 50 slipped 0.23%, France’s CAC 40 declined 0.40%, while Germany’s DAX 30 fell 0.25%.
Data earlier showed that the Gfk German consumer climate index rose to a seven-year high of 8.5 in February, from 8.3 the previous month, whose figure was revised up from a previously estimated reading of 8.2. Analysts had expected the index to tick down to 8.2 this month.
But investors remained cautious amid speculation China's central bank has intervened to add volatility to the yuan ahead of possible economic reforms.
Separately, Russia's deputy finance minister said Moscow was under no legal obligation to give Ukraine the remainder of a $15 billion bailout package it negotiated in December.
Financial stocks remained mixed, as BNP Paribas slid 0.29% and Societe Generale edged up 0.07% in France, while Germany's Deutsche Bank fell 0.25%.
Among peripheral lenders, Unicredit edged up 0.13% and Intesa Sanpaolo declined 0.40% in Italy, while Spanish banks Banco Santander and BBVA dipped 0.05% and 0.09% respectively.
Elsewhere, AB InBev climbed 0.45% after the German brewer posted fourth-quarter earnings growth that exceeded analyst estimates and predicted improvements in its largest markets in 2014.
Adding to gains, Repsol advanced 0.49% as the Spanish oil and gas giant agreed to accept at least $5 billion to settle a dispute regarding Argentina’s expropriation of its YPF SA unit.
In London, commodity-heavy FTSE 100 slid 0.32%, as U.K. lenders turned mostly lower, while data confirmed that the rate of fourth quarter economic growth in the U.K. was unrevised at 0.7%, but the annual rate of growth was revised slightly lower.
Lloyds Banking fell 0.27% and the Royal Bank of Scotland dropped 0.98%, while Barclays tumbled 1.49%. HSBC Holdings overperformed on the other hand, up 0.33%.
Mining stocks however erased earlier losses, as shares in BHP Billiton rose 0.29% and Vedanta Resources edged up 0.06%, while Glencore Xstrata and Rio Tinto added 0.18% and 0.03% respectively.
Meanwhile, Weir Group continued to lead gains on the index, up 7.36%, after saying it expects to return to growth this year by focusing on an expected rise in customers' upstream investments in North America and the Middle East. The company also reported 5% drop in 2013 profit.
In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a 0.17% rise, S&P 500 futures signaled a 0.20% increase, while the Nasdaq 100 futures indicated a 0.17% gain.
Later in the day, the U.S. was to release data on new home sales.