Investing.com - European stocks traded mixed on Wednesday following the pattern set in Asia, despite a positive close stateside in the prior session.
During European morning trade, the Euro Stoxx 50 slipped 0.01%, France’s CAC 40 was unchanged, while Germany’s DAX 30 inched up 0.02%.
Holiday trade continued with London traders coming back to their desks on Wednesday for the first time after their long Christmas holiday.
Asian stocks traded mostly lower on Wednesday with the exception of the Australian stock market, that like the U.K., returned from a four-day Christmas break.
Japan was a major focus on the economic front with November industrial production rising less than expected but retail sales for the region jumping almost twice as much as forecast.
The Nikkei 225 ended flat however as a 20% crash in shares of Toshiba Corp. (T:6502) offset a weaker yen. The Nikkei newspaper reported that the electronics firm would book a 100 billion yen ($850 million) loss on an acquisition made last year.
On a slow company news day, Volkswagen (DE:VOWG_p) was in investors’ sights after having acquired the Canadian maker of a parking payment app PayByPhone for an undisclosed amount.
French drugmaker Sanofi (PA:SASY) sued Danish rival Novo Nordisk (CO:NOVOb) on allegations that it falsely claimed that Sanofi’s insulin treatments would no longer be available in the U.S. in an attempt to promote its own product.
Eyes were also on European banks with Banca Monte dei Paschi (MI:BMPS) yet to return to trade after the European Central Bank upped its estimate of the Italian lender’s capital shortfall on Sunday.
Meanwhile, oil prices continued to rally on Wednesday, on track for its longest winning streak since January 2010, as investors remained optimistic that major oil producers would comply with their agreement to cut production starting in January.
Energy stocks traded higher, as French oil and gas major Total SA (PA:TOTF) gained 0.43%, Italy’s ENI (MI:ENI) inched up 0.07% and Norwegian rival Statoil (OL:STL) edged forward 0.06%.
Financial stocks remained under pressure, as French lenders BNP Paribas (PA:BNPP) and Societe Generale (PA:SOGN) dropped 0.16% and 0.09%, while Germany’s Commerzbank (DE:CBKG) and Deutsche Bank (DE:DBKGn) fell 0.81% and 1.25%, respectively.
Among peripheral lenders, Italy’s Intesa Sanpaolo (MI:ISP) and Unicredit (MI:CRDI) traded down 0.41% and 0.35%, respectively, while Spanish banks BBVA (MC:BBVA) and Banco Santander (MC:SAN) dropped 0.12% and 0.20%.
In London, the commodity-heavy FTSE 100 gained 0.30% in its first day of trade since after the long holiday.
In focus, Bovis Homes (LON:BVS) tumbled nearly 5% after launching a profit warning due to slower-than-expected build production.
Mining stocks however supported gains in the British benchmark index. Shares in Glencore (LON:GLEN) rallied 2.66% and Anglo American (LON:AAL) advanced 3.33%, while BHP Billiton (LON:BLT) and Rio Tinto (LON:RIO) surged 4.02% and 2.80% respectively.
Energy stocks added to gains, as BP (LON:BP) advanced 0.24% and rival Royal Dutch Shell (LON:RDSa) added on 0.63%.
Financial stocks traded mixed, with shares in HSBC Holdings (LON:HSBA) up 1.19% but the Royal Bank of Scotland (LON:RBS) traded down 1.10%, while Barclays (LON:BARC) fell 0.40% and Lloyds Banking (LON:LLOY) lost 1.03%.
In the U.S., equity markets pointed to a flat to lower open. The Dow Jones Industrial Average futures added 0.16%, S&P 500 futures advanced 0.20% gain, while the Nasdaq 100 futures gained 0.29%.