Investing.com - European stocks were lower on Wednesday, as global growth concerns continued to weigh after the International Monetary Fund cut its growth forecasts, although positive U.S. data lent some support.
During European morning trade, the EURO STOXX 50 slipped 0.13%, France’s CAC 40 declined 0.34%, while Germany’s DAX 30 shed 0.22%.
On Tuesday, the IMF cut its 2013 forecast for global growth to 3.3%, down from its January projection of 3.5%. It also trimmed its 2014 forecast to 4.0% from 4.1%.
Sentiment remained mildly supported however, after data showed that U.S. industrial production and housing starts rose at a faster-than-forecast pace in March, easing concerns that the U.S. economic recovery is losing traction.
Financial stocks were broadly lower, as shares in French lenders BNP Paribas and Societe Generale slipped 0.20% and 0.31%, while Germany's Deutsche Bank and Commerzbank retreated 0.64% and 0.34% respectively.
Among peripheral lenders, Spanish banks BBVA and Banco Santander declined 0.31% and 0.95%, while Italy's Intesa Sanpaolo and Unicredit trended higher, up 0.73% and 0.81%.
Elsewhere, ASML rallied 1.97% after the semiconductor-equipment supplier posted first-quarter sales of EUR892 million, beating market expectations.
The company also announced a share buyback program of as much as EUR1 billion and said Chief Executive Officer Eric Meurice will step down as of July.
In London, commodty-heavy FTSE 100 retreated 0.50%, weighed by losses in mining stocks.
Mining giants BHP Billiton and Rio Tinto plummeted 2.17% and 2.50% respectively, while copper producers Xstrata and Kazakhmys tumbled 2.48% and 3.33%.
Oil and gas giant Anglo American was also on the downside, declining 1.39%, as well as rival company BP, down 0.64%.
Meanwhile, U.K. lenders were mostly higher. Shares in the Royal Bank of Scotland added 0.25% and Barclays gained 0.23%, while Lloyds Banking climbed 0.46%. HSBC Holdings underperformed on the other hand, shedding 0.32%.
Among earnings, Burberry soared 5.21% after the luxury-goods producer reported fourth-quarter revenue of GBP503 million, beating analysts' projections.
In the U.S., equity markets pointed to a lower open. The Dow Jones Industrial Average futures pointed to a 0.25% loss, S&P 500 futures signaled a 0.33% decline, while the Nasdaq 100 futures indicated a 0.27% fall.
Later in the day, Germany was to hold an auction of 10-year government bonds.
During European morning trade, the EURO STOXX 50 slipped 0.13%, France’s CAC 40 declined 0.34%, while Germany’s DAX 30 shed 0.22%.
On Tuesday, the IMF cut its 2013 forecast for global growth to 3.3%, down from its January projection of 3.5%. It also trimmed its 2014 forecast to 4.0% from 4.1%.
Sentiment remained mildly supported however, after data showed that U.S. industrial production and housing starts rose at a faster-than-forecast pace in March, easing concerns that the U.S. economic recovery is losing traction.
Financial stocks were broadly lower, as shares in French lenders BNP Paribas and Societe Generale slipped 0.20% and 0.31%, while Germany's Deutsche Bank and Commerzbank retreated 0.64% and 0.34% respectively.
Among peripheral lenders, Spanish banks BBVA and Banco Santander declined 0.31% and 0.95%, while Italy's Intesa Sanpaolo and Unicredit trended higher, up 0.73% and 0.81%.
Elsewhere, ASML rallied 1.97% after the semiconductor-equipment supplier posted first-quarter sales of EUR892 million, beating market expectations.
The company also announced a share buyback program of as much as EUR1 billion and said Chief Executive Officer Eric Meurice will step down as of July.
In London, commodty-heavy FTSE 100 retreated 0.50%, weighed by losses in mining stocks.
Mining giants BHP Billiton and Rio Tinto plummeted 2.17% and 2.50% respectively, while copper producers Xstrata and Kazakhmys tumbled 2.48% and 3.33%.
Oil and gas giant Anglo American was also on the downside, declining 1.39%, as well as rival company BP, down 0.64%.
Meanwhile, U.K. lenders were mostly higher. Shares in the Royal Bank of Scotland added 0.25% and Barclays gained 0.23%, while Lloyds Banking climbed 0.46%. HSBC Holdings underperformed on the other hand, shedding 0.32%.
Among earnings, Burberry soared 5.21% after the luxury-goods producer reported fourth-quarter revenue of GBP503 million, beating analysts' projections.
In the U.S., equity markets pointed to a lower open. The Dow Jones Industrial Average futures pointed to a 0.25% loss, S&P 500 futures signaled a 0.33% decline, while the Nasdaq 100 futures indicated a 0.27% fall.
Later in the day, Germany was to hold an auction of 10-year government bonds.