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European stocks hold gains, ECB in focus; Dax up 0.65%

Published 07/03/2014, 07:08 AM
Updated 07/03/2014, 07:08 AM
European stocks remain higher despite retail sales miss

European stocks remain higher despite retail sales miss

Investing.com - European stocks remained higher on Thursday, despite disappointing euro zone retail sales datam as investors were still awaiting the European Central Bank's monthly policy statement due later in the trading session.

During European afternoon trade, the DJ Euro Stoxx 50 gained 0.47%, France’s CAC 40 climbed 0.51%, while Germany’s DAX advanced 0.65%.

Official data showed that retail sales were flat in May, compared to expectations for a 0.2% rise, after a 0.2% fall in April, whose figure was revised from a previously estimated 0.4% increase.

Separate reports showed that Spanish service sector activity slowed unexpectedly in May, while in Italy it expanded at the fastest rate since December 2010.

European equities found some support amid speculation that the ECB could voice concerns over the euro's recent strength at its post-policy meeting press conference, as fears over persistently low levels of inflation in the euro zone continued.

Financial stocks remained mixed, as BNP Paribas (PARIS:BNPP) slipped 0.12% and Societe Generale (PARIS:SOGN) gained 0.84% in France, while Germany's Commerzbank (XETRA:CBKG) and Deutsche Bank (XETRA:DBKGn) edged up 0.07% and 0.29%.

Among peripheral lenders, Unicredit (MILAN:CRDI) rose 0.36% and Intesa Sanpaolo (MILAN:ISP) dipped 0.04% in Italy, while Banco Santander (MADRID:SAN) added 0.12% and BBVA (MADRID:BBVA) eased 0.04%.

Elsewhere, ING Groep (AMS:ING) gained 0.47% after raising €1.54 billion through the initial public offering of its insurance unit.

In London, commodity-heavy FTSE 100 climbed 0.51%, still supported by gains in the mining sector.

Shares in Rio Tinto (LONDON:RIO) climbed 0.68% and Glencore Xstrata (LONDON:GLEN) advanced 0.79%, while rivals Fresnillo (LONDON:FRES) and Antofagasta (LONDON:ANTO) surged 2.10% and 3.71% respectively.

Financial stocks also remained on the upside, as HSBC Holdings (LONDON:HSBA) added 0.17% and Lloyds Banking (LONDON:LLOY) rose 0.38%, while the Royal Bank of Scotland (LONDON:RBS) and Barclays (LONDON:BARC) advanced 0.67% and 0.69%.

Meanwhile, Sabmiller (LONDON:SAB) trimmed earlier losses, still down 0.16%, amid of ongoing speculation brewer AB Inbev has been considering a bid for the company.

Also in the U.K., the Markit services purchasing managers’ index slowed to 57.7 in June from 58.6 in May, and below forecasts of 58.3. It was the lowest reading in three months, but remained well above the 50 level separating growth from contraction.

In the U.S., equity markets pointed to a moderately higher open. The Dow 30 futures pointed to a 0.09% gain, S&P 500 futures signaled a 0.09% rise, while the Nasdaq 100 futures indicated a 0.13% increase.

Later in the day, the U.S. was to publish data on the trade balance, as well as the weekly report on initial jobless claims, government data on nonfarm payrolls and the unemployment rate, one day ahead of schedule, before the fourth of July holiday.

In addition, the Institute of Supply Management was to publish a report service sector activity.

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