Investing.com - European stocks were mostly lower on Wednesday, despite upbeat Spanish service sector data and as investors eyed upcoming reports for the entire euro zone.
During European morning trade, the EURO STOXX 50 slid 0.31%, France’s CAC 40 dropped 0.51%, while Germany’s DAX 30 declined 0.37%.
Earlier Tuesday, market research group Markit said that Spain's services purchasing managers' index rose to an eight-year high 60.3 in April from 57.3 the previous month, exceeding expectations for an uptick to 57.4.
Investors remained cautious however, amid reports the International Monetary Fund pushed the euro zone to cut Greece’s debt burden last month, amid fears that its debt is becoming unsustainable.
Athens is scrambling to reach an agreement with its creditors on a package of economic reforms for more bailout funds before it runs out of cash.
Financial stocks were broadly higher, as French lender BNP Paribas (PARIS:BNPP) gained 0.73%, while Germany's Commerzbank (XETRA:CBKG) and Deutsche Bank (XETRA:DBKGn) rose 0.26% and 0.36%.
Among peripheral lenders, Italy's Unicredit (MILAN:CRDI) and Intesa Sanpaolo (MILAN:ISP) climbed 0.72% and 0.78% respectively, while Spanish banks Banco Santander (MADRID:SAN) and BBVA (MADRID:BBVA) added 0.15% and 0.70%.
Elsewhere, Allianz (XETRA:ALVG) jumped 1.91% after the German insurer said first-quarter profit climbed 11%.
BMW (XETRA:BMWG) added to gains, with shares advancing 0.87% after the carmaker reported first-quarter profit that exceeded analysts' projections, boosted by higher demand in the U.S. and Europe for models such as the X5 sport utility vehicle.
In London, commodity-heavy FTSE 100 inched up 0.06%, supported by gains in the mining sector.
Shares in Rio Tinto (LONDON:RIO) rose 0.38% and Bhp Billiton (LONDON:BLT) climbed 0.43%, while Glencore Xstrata (LONDON:GLEN) jumped 0.96% and Anglo American (LONDON:AAL) rallied 1.31%.
Financial stocks were also mostly higher, as Barclays (LONDON:BARC) and HSBC Holdings (LONDON:HSBA) advanced 0.52% and 0.61% respectively, while Lloyds Banking (LONDON:LLOY) surged 1.32%. The Royal Bank of Scotland (LONDON:RBS) underperformed however, slipping 0.18%.
Imperial Tobacco (LONDON:IMT) led gains on the index, soaring 2.40% after the company said first-half profit rose 3% to £1.37 billion.
In the U.S., equity markets pointed to a lower open. The Dow Jones Industrial Average futures pointed to a 0.07% slip, S&P 500 futures signaled a 0.09% loss, while the Nasdaq 100 futures indicated a 0.20% fall.
Later in the day, the euro zone was to publish revised data on service sector activity and a report on retail sales. The U.S. was to release its monthly ADP nonfarm payrolls report.