Investing.com - European stocks slipped lower on Friday, pulling back from the previous session's broad rally following news Greece received a €7 billion bridging loan from the euro zone.
During European morning trade, the EURO STOXX 50 eased 0.09%, France’s CAC 40 slipped 0.13%, while Germany’s DAX 30 edged down 0.11%.
Euro zone ministers agreed on Thursday to give Greece a €7 billion bridging loan from a European Union-wide fund to keep its finances afloat until a bailout is approved.
The loan was expected to be confirmed on Friday by all EU member states.
The news came after the European Central Bank increased its emergency lending to Greek banks by €900 million and added that it is operating under the assumption that Greece will remain in the euro zone.
ECB President Mario Draghi said on Thursday that several positive things have happened to allow the increase in emergency liquidly assistance and that it now appeared that Greece would make the repayment and clear its arrears to the International Monetary Fund.
Financial stocks were broadly lower, as French lenders Societe Generale (PARIS:SOGN) and BNP Paribas (PARIS:BNPP) fell 0.08% and 0.59%, while Germany's Deutsche Bank (XETRA:DBKGn) and Commerzbank (XETRA:CBKG) declined 0.46% and 0.36%.
Among peripheral lenders, Italy's Intesa Sanpaolo (MILAN:ISP) and Unicredit (MILAN:CRDI) eased 0.03% and 0.12% respectively, while Spanish banks Banco Santander (MADRID:SAN) and BBVA (MADRID:BBVA) shed 0.30% and 0.35%.
Elsewhere, Deutsche Telekom AG (XETRA:DTEGn) dropped 0.59% amid reports Dish Network Corp.’s talks to acquire T-Mobile US Inc. from the Germany company have stalled.
On the upside, Electrolux , AB ser. A (ST:ELUXa) surged 3.56% after the Swedish appliance maker reported second-quarter profit that exceeded analysts’ estimates after cutting costs in its home region.
In London, commodity-heavy FTSE 100 fell 0.22%, weighed by losses in the mining sector.
Shares in Rio Tinto (LONDON:RIO) slid 0.42% and Fresnillo (LONDON:FRES) retreated 0.98%, while Anglo American (LONDON:AAL) and Bhp Billiton (LONDON:BLT) tumbled 1.10% and 1.26% respectively.
Marks & Spencer Group (LONDON:MKS) Plc was also on the downside, with shares plummeting 1.28% after the clothing head John Dixon unexpectedly resigned from the U.K. retailer.
Meanwhile, financial stocks were mostly steady to higher. Barclays (LONDON:BARC) inched up 0.01% and HSBC Holdings (LONDON:HSBA) edged 0.08% higher, while Lloyds Banking (LONDON:LLOY) rose 0.32%. The Royal Bank of Scotland (LONDON:RBS) underperformed on the other hand, with shares slipping 0.22%.
In the U.S., equity markets pointed to a mixed open. The Dow Jones Industrial Average futures pointed to a 0.14% fall, S&P 500 futures signaled a 0.07% dip, while the Nasdaq 100 futures indicated a 0.21% gain.