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European stocks open lower as oil rout weighs; Dax down 0.29%

Published 12/10/2015, 03:38 AM
Updated 12/10/2015, 03:38 AM
© Reuters.  Paris Stock Exchange

© Reuters. Paris Stock Exchange

Investing.com - European stocks opened lower on Thursday, as declining oil prices continued to weigh on equities.

During European morning trade, the EURO STOXX 50 declined 0.78%, France’s CAC 40 retreated 0.48%, while Germany’s DAX 30 slid 0.29%.

Crude oil futures for January delivery were at $37.50 in early European morning hours on Thursday, close to Tuesday's seven-year low of $36.64 a barrel.

European equities still remained mildly supported however after European Central Bank President Mario Draghi said last week the central bank would step up stimulus measures if necessary to bring inflation back to target.

Financial stocks were broadly higher, as French lenders Societe Generale (PA:SOGN) and BNP Paribas (PA:BNPP) gained 0.02% and 0.54%, while Germany's Commerzbank (DE:CBKG) and Deutsche Bank (DE:DBKGn) advanced 0.43% and 0.46%.

Among peripheral lenders, Italy's Unicredit (MI:CRDI) rose 0.39%, while Spanish banks BBVA (MC:BBVA) and Banco Santander (MC:SAN) dropped 0.50% and 0.51% respectively.

Elsewhere, Inditex (MC:ITX) shares tumbled 1.03% even after the clothing retailer said that net profit climbed 20% year-on-year in the first nine months of 2015.

In London, FTSE 100 slipped 0.21%, weighed by Sports Direct (L:SPD), whose shares dove 6.84% even after the company reported a 7.6% increase in underlying earnings for the first half of the year.

Ocado (L:OCDO) added to losses, with shares down 4.45%, after the online grocery firm reported a 15% rise in gross sales in the 16 weeks to November 29.

In the financial sector, stocks were also mostly lower. The Royal Bank of Scotland (L:RBS) dipped 0.07% and Lloyds Banking (L:LLOY) slipped 0.16%, while Barclays (L:BARC) dropped 0.69%. HSBC Holdings (L:HSBA) held steady and inched up just 0.03%.

Meanwhile, mining stocks were on the upside. Fresnillo (L:FRES) rallied 1.13% and Rio Tinto (L:RIO) jumped 1.37%, while Anglo American (L:AAL) surged 2.24% after announcing job cuts.

Glencore (L:GLEN) shares soared 8.09% after the mining giant said it had increased its debt reduction target and further cut its capital expenditure.

In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a 0.34% increase, S&P 500 futures signaled a 0.40% climb, while the Nasdaq 100 futures indicated a 0.39% gain.

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