Investing.com - European stocks traded lower on Thursday despite positive economic reports as investors continued to wade through earnings reports and kept an eye on oil ahead of an OPEC committee meeting to prepare a production agreement.
During European morning trade, the Euro Stoxx 50 fell 0.36%, France’s CAC 40 traded down 0.52%, while Germany’s DAX 30 lost 0.31%.
The U.K. economy grew more than expected in the third quarter though economic activity slowed from the previous quarter, preliminary official data showed on Thursday.
In a report, the Office for National Statistics (ONS) said gross domestic product expanded by a seasonally adjusted 0.5% in the three months ended September 30, above forecasts for growth of 0.3%. The U.K.’s economy grew by 0.7% in the preceding quarter.
That was its fifteenth consecutive quarter of growth and the first measure of growth after the U.K.’s June 23 referendum that resulted in Britain’s decision to leave the European Union (EU), known as a Brexit.
The ONS indicated that there were few signs of a pronounced effect from the Brexit on the economy, but added that it was still too early to tell the effect of sterling depreciation on the data.
Spain saw its third quarter unemployment rate beat expectations with a drop to 18.91%, from the prior 20.00%. That was its lowest level since 2009.
Italian business confidence also increased more than expected in October, hitting 103.1, from the prior 102.1.
On the company front, market participants continued to delve through earnings reports.
Deutsche Bank AG NA O.N. (DE:DBKGn) slipped in early morning trade despite better-than-expected revenue as negotiations over its fine from the Department of Justice kept shares under pressure.
Barclays PLC (LON:BARC) was also trading lower after reporting a 73% decline in core earnings.
Swiss industrial giant ABB Ltd (SIX:ABBN) tanked nearly 7% after releasing a sharp decrease in orders.
Also of note, Nordic central banks opted to stand pat on interest rates on Thursday.
Sweden’s Riksbank held its negative interest rate steady and signaled a higher probability of further cuts as inflation was expected to take longer to return to the 2% target.
Norway’s Norges Bank kept rates at 0.5% and indicated that they would probably remain at the current level for some time to come.
Meanwhile, oil prices rose on concerns over political stability in Venezuela and as market players awaited details of a planned output cut by the Organization of the Petroleum Exporting Countries (OPEC).
A technical committee appointed by OPEC will meet on Friday in Vienna to outline production quotas to be implemented at the official meeting of member states on November 30. Non-OPEC members were scheduled to participate on Saturday.
Energy stocks traded mixed, as French oil and gas major Total SA (PA:TOTF) dropped 0.25% and Italy’s ENI (MI:ENI) was unchanged, while Norwegian rival Statoil (OL:STL) climbed 1.26%.
Financial stocks also showed mixed signs, as French lenders BNP Paribas (PA:BNPP) and Societe Generale (PA:SOGN) dropped 0.15% and 0.38%, while Germany’s Commerzbank (DE:CBKG) and Deutsche Bank (DE:DBKGn) fell 0.15% and 0.26%.
Among peripheral lenders, Italy’s Intesa Sanpaolo (MI:ISP) and Unicredit (MI:CRDI) gained 0.28% and 0.09% respectively, while Spanish banks BBVA (MC:BBVA) and Banco Santander (MC:SAN) advanced 0.79% and 0.70%.
In London, the commodity-heavy FTSE 100 lost 0.17%, despite the positive growth data, as mining stocks dropped.
Shares in Glencore (LON:GLEN) fell 0.87% and Anglo American (LON:AAL) slumped 1.24%, while BHP Billiton (LON:BLT) and Rio Tinto (LON:RIO) traded down 2.06% and 0.35% respectively.
Energy stocks added to gains, as BP (LON:BP) advanced 0.24% and rival Royal Dutch Shell (LON:RDSa) gained 0.17%.
Financial stocks showed mixed trade, with shares in HSBC Holdings (LON:HSBA) down 0.32% and the Royal Bank of Scotland (LON:RBS) off 0.75%, while Barclays (LON:BARC) and Lloyds Banking (LON:LLOY) advanced 1.35% and 0.23% respectively.
In the U.S., equity markets pointed to a flat to lower open. The Dow Jones Industrial Average futures slipped 0.06%, S&P 500 futures dropped 0.08%, while the Nasdaq 100 futures inched down 0.10%.