Investing.com - European stocks edged lower in subdued trade on Monday, as markets recovered from the previous week's rally due to European Central Bank President Mario Draghi's comments.
During European morning trade, the DJ Euro Stoxx 50 edged 0.07% lower, France’s CAC 40 fell 0.15%, while Germany’s DAX eased 0.01%.
European equities strengthened last Thursday after ECB President Mario Draghi reiterated the bank’s forward guidance that rates will remain on hold at present or lower levels for an extended period.
He emphasized that "the governing council is also unanimous in its commitment to use unconventional instruments' if necessary, to address the risk of too-prolonged period of low inflation.”
Financial stocks were mixed, as French lenders BNP Paribas (PARIS:BNPP) and Societe Generale (PARIS:SOGN) gained 0.18% and 1.06%, while Germany's Commerzbank (XETRA:CBKG) slid 0.48%.
Among peripheral lenders, Italy's Intesa Sanpaolo (MILAN:ISP) and Unicredit (MILAN:CRDI) rose 0.31% and 0.32% respectively, while Spanish banks Banco Santander (MADRID:SAN) and BBVA (MADRID:BBVA) fell 0.10% and 0.29%.
Elsewhere, Orange (PARIS:ORAN) gained 0.44% after Chief Executive Officer Stephane Richard said rivals Bouygues (PARIS:BOUY), Iliad (PARIS:ILD) and SFR should take the lead on consolidating the wireless market.
Richard added that returning from four to three operators would benefit the French telecommunications industry and encourage carriers to invest more in infrastructure.
Meanwhile, Helvetia (SIX:HELN) declined 0.49% after the agreed to buy a majority stake in Nationale Suisse in a transaction valuing the company at about 1.77 billion Swiss francs to create Switzerland’s third-largest insurer.
In London, commodity-heavy FTSE 100 edged down 0.07%, weighed by losses in the mining sector.
Shares in Rio Tinto (LONDON:RIO) lost 0.68% and Glencore Xstrata (LONDON:GLEN) slid 0.71%, while Bhp Billiton (LONDON:BLT) and Antofagasta (LONDON:ANTO) retreated 0.81% and 1.39% respectively.
Sabmiller (LONDON:SAB) added to losses, down 0.21%, after the brewer announced that it will be selling its $1.09 billion stake in Tsogo Sun Holdings following a review of its holding in the South African hotel and casino operator.
Meanwhile, financial stocks were mostly higher, as Lloyds Banking (LONDON:LLOY) edged up 0.07% and Barclays (LONDON:BARC) added 0.26%, while the Royal Bank of Scotland (LONDON:RBS) rose 0.36%. HSBC Holdings (LONDON:HSBA) underperformed on the other hand, down 0.40%.
In the U.S., equity markets pointed to a steady open. The Dow 30 futures pointed to a 0.08% loss, S&P 500 futures signaled a 0.02% dip, while the Nasdaq 100 futures indicated a 0.06% downtick.