Investing.com - European stocks remained lower on Wednesday, despite upbeat German consumer climate data, as investors remained cautious after the previous day's disappointing economic report.
During European afternoon trade, the DJ Euro Stoxx 50 dropped 0.52%, France’s CAC 40 declined 0.66%, while Germany’s DAX slid 0.36%.
Market research group Gfk earlier said that its German consumer climate index rose to a seven-and-a-half year high of 8.9 in June, from 8.6 in May, whose figure was revised up from a previously estimated reading of 8.5. Analysts had expected the index to tick down to 8.5 this month.
The report came a day after data showed that German business confidence deteriorated this month, amid concerns about the impact of crises in Iraq and Ukraine.
The German Ifo business climate index fell to a six-month low of 109.7 this month from 110.4 in May and compared to estimates of 110.3.
Financial stocks were mixed, as Societe Generale (PARIS:SOGN) added 0.11% and BNP Paribas (PARIS:BNPP) retreated 0.91% in France, while Germany's Deutsche Bank (XETRA:DBKGn) edged up 0.13%.
Among peripheral lenders, Italy's Unicredit (MILAN:CRDI) and Intesa Sanpaolo (MILAN:ISP) gained 0.71% and 1.61% respectively, while Spanish banks BBVA (MADRID:BBVA) and Banco Santander (MADRID:SAN) fell 0.14% and 0.59%.
Elsewhere, shares in GDF Suez (PARIS:GSZ) plummeted 2.40% after France sold a €1.5 billion stake in the natural gas distributor, as the government seeks to raise funds to purchase a stake in Alstom (PARIS:ALSO).
In London, commodity-heavy FTSE 100 retreated 0.53%, still weighed by sharp losses in the mining sector.
Shares in Rio Tinto (LONDON:RIO) lost 0.86% and Glencore Xstrata (LONDON:GLEN) tumbled 1.23%, while rival Vedanta Resources (LONDON:VED) declined 0.70% and Bhp Billiton (LONDON:BLT) plummeted 1.12%.
Financial stocks also remained broadly lower, as HSBC Holdings (LONDON:HSBA) slipped 0.20% and Lloyds Banking (LONDON:LLOY) edged down 0.15%, while Barclays (LONDON:BARC) and the Royal Bank of Scotland (LONDON:RBS) dropped 0.74% and 0.82% respectively.
Bunzl (LONDON:BNZL) added to losses, with shares plunging 2.82%, after the distributor of disposable tableware and food packaging said it bought Allshoes Benelux in the Netherlands and JPLUS Comercio e Distribuicao Ltda in Brazil. The company also reported a 6% rise in first-half revenue.
In the U.S., equity markets pointed to a steady open. The Dow 30 futures pointed to a 0.01% dip, S&P 500 futures signaled a 0.05% uptick, while the Nasdaq 100 futures indicated a 0.02% loss.
Later in the day, the U.S. was to release data on durable goods orders, as well as revised data on first quarter growth.