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European stocks swing between small losses and gains; Dax up 0.08%

Published 02/27/2015, 03:33 AM
Updated 02/27/2015, 03:33 AM
© Reuters.  Paris Stock Exchange

© Reuters. Paris Stock Exchange

Investing.com - European stocks swung between small losses and gains on Friday, after upbeat French consumer spending data, while concerns over Greece's new bailout extension seemed to limit gains.

During European morning trade, the EURO STOXX 50 eased 0.03%, France’s CAC 40 inched 0.02% higher, while Germany’s DAX 30 edged up 0.08%.

Earlier Friday, official data showed that French consumer spending rose 0.6% last month, confounding expectations for a 0.5% fall. December's figure was revised to a 1.6% increase from a previously estimated 1.5% gain.

But investors remained cautious as both the International Monetary Fund and the European Central Bank warned that Greece’s reform plans are not detailed enough and said Athens will need to do more to secure the release of further bailout funds.

Financial stocks were broadly higher, as French lenders BNP Paribas (PARIS:BNPP) and Societe Generale (PARIS:SOGN) advanced 0.81% and 0.57%, while Germany's Deutsche Bank (XETRA:DBKGn) and Commerzbank (XETRA:CBKG) rallied 0.60% and 1.29%.

Among peripheral lenders, Italy's Unicredit (MILAN:CRDI) and Intesa Sanpaolo (MILAN:ISP) gained 0.38% and 1.53% respectively, while Spanish banks Banco Santander (MADRID:SAN) and BBVA (MADRID:BBVA) rose 0.21% and 0.29%.

Elsewhere, Airbus Group (PARIS:AIR) soared 6.35% after the European aerospace company reported a 15% increase in annual profit. The group also said it plans to boost monthly production of its A320 single-aisle aircraft to 50 a month by 2017.

On the downside, BASF SE (XETRA:BASFN) saw shares tumble 1% after the German chemical maker reported fourth-quarter profit that exceeded analysts' estimates.

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

Shares in HSBC Holdings (LONDON:HSBA) eased 0.02% and Barclays (LONDON:BARC) dropped 0.38%, while the Royal Bank of Scotland (LONDON:RBS) plummeted 1.85%.

Lloyds Banking (LONDON:LLOY) overperformed however, as shares jumped 1.24% after the U.K. lender said it will resume dividend payments and reported its first annual profit in five years.

Mining stocks were also broadly lower as Glencore Xstrata (LONDON:GLEN) slipped 0.16% and Bhp Billiton (LONDON:BLT) fell 0.24%, while Fresnillo (LONDON:FRES) and Rio Tinto (LONDON:RIO) declined 0.67% and 0.69% respectively.

Meanwhile, International Airlines Group (LONDON:ICAG) led gains on the index, with shares up 4.83% after the airline company said that 2014 annual pre-tax profit climbed to £601 million, helped by the introduction of more efficient aircraft and lower fuel prices in the fourth quarter.

In the U.S., equity markets pointed to a steady to lower open. The Dow Jones Industrial Average futures pointed to a 0.06% dip, S&P 500 futures signaled a 0.12% fall, while the Nasdaq 100 futures indicated a 0.10% loss.

Later in the day, Germany and Spain were to release preliminary data on consumer price inflation. The U.S. was to produce revised data on fourth quarter growth, as well as reports on pending home sales, business activity in the Chicago region and consumer sentiment.

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