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European stocks lower ahead of data, EU talks; Dax down 0.30%

Published 05/14/2013, 03:45 AM
Updated 05/14/2013, 03:47 AM

Investing.com - European stocks were lower on Tuesday, as investors awaited the release of German data and markets were jittery ahead of a meeting of European Union finance ministers scheduled later in the day in Brussels.

During European morning trade, the EURO STOXX 50 declined 0.41%, France’s CAC 40 retreated 0.37%, while Germany’s DAX 30 slid 0.30%.

Investors were also eyeing developments in the euro zone after a senior European Central Bank policymaker said Monday the bank could cut deposit rates into negative territory.

Separately, investors were locking in profits ahead of a raft of U.S. economic data later in the week, including reports on industrial production, housing starts, inflation and economic sentiment.

Financial stocks were broadly lower, as French lender Societe Generale retreated 0.87%, while Germany's Deutsche Bank and Commerzbank tumbled 1.52% and 2.37%.

Earlier in the day, Commerzbank asked shareholders for EUR2.5 billion in the fifth capital increase in four years. The lender is offering the right to buy 20 new shares for every 21 held by investors at EUR4.5 apiece.

Among peripheral lenders, Spanish banks BBVA and Banco Santander slipped 0.27% and 0.19% respectively, while Italy's Unicredit and Intesa Sanpaolo added 0.15% and 0.29%.

Elsewhere, EADS jumped 1.58% as the Airbus parent posted first-quarter earnings before interest, taxes and one-time items of EUR741 million, exceeding analysts' estimates.

In London, commodity-heavy FTSE 100 dipped 0.01%, weighed by losses in mining stocks.

Shares in mining giants BHP Billiton and Rio Tinto declined 0.72% and 1.70%, while Anglo American plummeted 1.89%.

Financial stocks were also mostly lower, as Lloyds Banking edged down 0.15% and the Royal Bank of Scotland tumbled 1.06%, while Barclays plummeted 1.17%. HSBC Holdings overperformed on the other hand, edging up 0.07%.

On th upside, Severn Trent led gains, soaring 15.75% after the U.K.’s second-largest publicly traded water company said it received an approach from a group comprising Borealis Infrastructure Management, the Kuwait Investment Office and Universities Superannuation Scheme.

In the U.S., equity markets pointed to a moderately lower open. The Dow Jones Industrial Average futures pointed to a 0.09% loss, S&P 500 futures signaled a 0.10% fall, while the Nasdaq 100 futures indicated a 0.12% decline.

Later in the day, the ZEW Institute was to release its closely watched report on German economic sentiment, while the euro zone was to produce official data on industrial production.


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