We have updated our privacy policy and terms & conditions. Find out more here.
10
 

European stocks open lower, focus on EU talks; Dax down 0.06%

By Investing.com  |  Stock Markets  |  Mar 15, 2013 08:30AM GMT  |   Add a Comment
 
AA
+
-

Investing.com - European stocks opened lower on Friday, as markets eyed a second day of talks between European Union officials over a possible bailout package for Cyprus.

European stocks open lower, focus on EU talks; Dax down 0.06%
During European morning trade, the EURO STOXX 50 declined 0.30%, France’s CAC 40 shed 0.32%, while Germany’s DAX 30 eased 0.06%.

Markets were jittery, as EU and International Monetary Fund officials worked on a rescue package for Cyprus through the night in Brussels, with the aim of presenting the outline of a bailout programme to euro zone finance experts on Friday morning.

Cyprus originally estimated that it needed about EUR17 billion to restore its economy to health, with up to EUR10 billion to recapitalise its banks and EUR7 billion required for servicing debt and running general government operations.

Financial stocks were broadly higher, as shares in French lenders BNP Paribas and Societe Generale added 0.14% and 0.33%, while Germany's Deutsche Bank advanced 0.47%.

Among peripheral lenders, Spanish bank BBVA rose 0.39% and 0.51%, while Italy's Unicredit climbed 0.63%.

On the downside, French mass media and telecom company Vivendi tumbled 3.18%, as it halted the planned sale of GVT after failing to get a satisfactory bid for the division, valued at EUR5.2 billion.

In London, FTSE 100 dipped 0.01%, weighed by losses in the financial sector.

Shares in Lloyds Banking dropped 0.41% and HSBC Holdings slid 0.68%, while the Royal Bank of Scotland retreated 0.87%. Barclays overperformed on the other hand, gaining 0.50%.

Meanwhile, mining stocks trended sharply higher, as BHP Billiton and Rio Tinto advanced 0.43% and 0.86%, while Eurasian Natural Resources rallied 0.74%.

Copper producers Xstrata and Kazakhmys added to gains, with shares rising 0.39% and 0.75% respectively.

Elsewhere, ARM Holdings, whose chip designs power Apple's iPhone and iPad, gained 0.76% after Jefferies raised its recommendation on the stock to "buy" from "hold", saying the company remains well-positioned for the mid-to-long term.

In the U.S., equity markets pointed to a steady open. The Dow Jones Industrial Average futures pointed to a 0.03% gain, S&P 500 futures signaled a 0.02% dip, while the Nasdaq 100 futures indicated a 0.03% rise.

Later in the day, the euro zone was to publish official data on consumer price inflation.

The U.S. was to produce official data on consumer inflation and preliminary data from the University of Michigan on consumer sentiment, followed by reports data on industrial production, and manufacturing activity in New York state.


Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Related Articles

Add a Comment

 

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

NQ 100
 
 
 
Are you sure you want to delete this chart?
 
 
 
Are you sure you want to delete this chart?
 
 
 

Successfully Reported

Thank you. This comment has been flagged for a moderator.
_touchLoadingMsg