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European stocks push lower on E.Z. Sentix report; Dax down 0.16%

Published 09/08/2014, 07:15 AM
Updated 09/08/2014, 07:15 AM
European stocks extend losses after weak E.Z. data

European stocks extend losses after weak E.Z. data

Investing.com - European stocks pushed lower in quiet trade on Monday, after data showed that economic confidence in the euro zone deteriorated sharply this month.

During European afternoon trade, the DJ Euro Stoxx 50 dropped 0.47%, France’s CAC 40 slid 0.38%, while Germany’s DAX fell 0.16%.

Data showed that the Sentix index of investor confidence tumbled to -9.8 this month, the lowest reading since July 2013, down from 2.7 in August.

A separate report showed that Germany's trade surplus widened to €22.2 billion in July, from €16.4 billion in June, whose figure was upwardly revised from a previously estimated surplus of €16.2 billion. Analysts had expected the trade surplus to widen to €16.8 billion in July.

European equities had strengthened broadly last week after the Europen Central Bank cut rates to record lows across the euro zone and announced an asset-backed securities and covered bond purchasing program in an attempt to shore up slowing growth and inflation in the region.

Financial stocks were mixed, as BNP Paribas (PARIS:BNPP) dipped 0.06% and Societe Generale (PARIS:SOGN) rose 0.26% in France, while Deutsche Bank (XETRA:DBKGn) eased 0.02% and Commerzbank (XETRA:CBKG) jumped 1.03% in Germany.

Among peripheral lenders however, Spanish banks BBVA (MADRID:BBVA) and Banco Santander (MADRID:SAN) declined 0.47% and 0.73% respectively, while Italy's Intesa Sanpaolo (MILAN:ISP) and Unicredit (MILAN:CRDI) slid 0.41% and 0.51%.

Elsewhere, Swedish multinational household and professional appliances manufacturer Electrolux (ST:ELUXa) surged 9.78% after agreeing to buy General Electric (NYSE:GE)'s home-appliances unit for $3.3 billion in cash.

In London, FTSE 100 tumbled 1.04 %, after a weekend opinion poll indicated that support for Scottish independence is continuing to gain momentum.

Financial stocks extended earlier losses, as HSBC Holdings (LONDON:HSBA) retreated 0.46% and Barclays (LONDON:BARC) plummeted 1.82%, while the Royal Bank of Scotland (LONDON:RBS) and Lloyds Banking (LONDON:LLOY) plunged 3.20% and 3.28% respectively.

Meanwhile, Ryanair (LONDON:RYA) turned lower, dropping 0.52% amid reports the discount carrier is set to place an $11 billion order for Boeing (NYSE:BA)'s 737 Max jets.

In the mining sector, stocks remained mixed. Shares in Bhp Billiton (LONDON:BLT) edged down 0.16% and Rio Tinto (LONDON:RIO) declined 0.34%, while Glencore Xstrata (LONDON:GLEN) added 0.14% and Randgold Resources (LONDON:RRS) gained 0.72%.

In the U.S., equity markets pointed to a lower open. The Dow 30 futures pointed to a 0.15% fall, S&P 500 futures signaled a 0.14% slip, while the NASDAQ 100 futures indicated a 0.09% loss.

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