Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

European stocks lower after German, French PMIs; Dax down 0.58%

Published 11/20/2014, 03:44 AM
Updated 11/20/2014, 03:44 AM
European stocks decline, E.Z. PMI data in focus

European stocks decline, E.Z. PMI data in focus

Investing.com - European stocks were lower on Thursday, after the release of disappointing manufacturing and service sector activity from Germany, while markets eyed more euro zone data ahead.

During European morning trade, the DJ Euro Stoxx 50 retreated 0.84%, France’s CAC 40 slid 0.77%, while Germany’s DAX slumped 0.58%.

Markit research group said Germany's manufacturing purchasing managers' index fell to 50.0 this month from 51.4 in October, confounding expectations for a rise to 51.5.

Germany's services PMI slipped to 52.1 in November from 54.4 last month, compared to expectations for an uptick to 54.5.

Markit also reported that France's manufacturing PMI fell to 47.6 this month from a reading of 48.5 in October, disappointing expectations for a rise to 48.9.

France's services PMI rose to 48.8 in November however, from 48.3 the previous month, exceeding expectations for a rise to 48.6.

Meanwhile, expectations for more stimulus measures from the European Central Bank remained high after ECB President Mario Draghi said Monday that it could expand its asset purchase program to include government bonds.

Financial stocks were broadly lower, as French lenders BNP Paribas (PARIS:BNPP) and Societe Generale (PARIS:SOGN) tumbled 1.58% and 2.30%, while Germany's Deutsche Bank (XETRA:DBKGn) and Commerzbank (XETRA:CBKG) lost 1.61% and 1.68%.

Among peripheral lenders, Italy's Unicredit (MILAN:CRDI) and Intesa Sanpaolo (MILAN:ISP) plummeted 1.40% and 1.97% respectively, while Spanish bank Banco Santander (MADRID:SAN) plunged 2.08%.

Elsewhere, shares in Sanofi (PARIS:SASY) dove 2.03% after the French pharmaceutical company said new drugs it has been developing could add a combined €30 billion in revenue over the first five years of sales.

In London, commodity-heavy FTSE 100 declined 0.35%, weighed by sharp losses in the mining sector.

Mining giants Glencore Xstrata (LONDON:GLEN) and Fresnillo (LONDON:FRES) tumbled 0.78% and 1.23% respectively, while rivals Rio Tinto and Bhp Billiton plummeted 1.66% and 1.77%.

Financial stocks added to losses, as Barclays slipped 0.23% and Lloyds Banking Group (LONDON:LLOY) shed 0.34%, while the Royal Bank of Scotland (LONDON:RBS) and HSBC Holdings (LONDON:HSBA) dropped 0.52% and 0.58%.

RBS made headlines on Thursday after being fined £56 million by British regulators for the 2012 collapse of its computer system that left millions of customers without access to their accounts for weeks.

In the U.S., equity markets pointed to a lower open. The Dow Jones Industrial Average futures pointed to a 0.33% loss, S&P 500 futures signaled an 0.32% fall, while the Nasdaq 100 futures indicated a 0.33% decline.

Later in the day, the euro zone was to publish preliminary data on private sector activity. The U.S. was to release data on initial jobless claims, consumer prices, existing homes sales and manufacturing activity in the Philadelphia region.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.