Investing.com – European stocks were mixed on Monday, amid losses in the pharmaceutical sector and following euro zone bank stress test results which showed that seven out of 91 banks did not have adequate capital.
During European afternoon trade, the EURO STOXX 50 was up 0.01%; France’s CAC 40 shed 0.09% and Germany's DAX shed 0.22%.
The DAX's losses came after stress test results showed that Germany’s Hypo Real Estate Holding bank did not have adequate capital in the event of a sovereign debt crisis.
Shares of Deutsche Bank shed 1.69% after it and several other German banks failed to disclose full details of their sovereign debt holdings.
One Greek and five Spanish banks also failed the test and may need to raise an additional EUR 3.5 billion of capital.
Elsewhere, GlaxoSmithKline shed 2.1% after a report the U.K.’s largest drug manufacturer expressed interest in buying U.S. biotech company Genzyme.
In London, the FTSE 100 shed 0.01% even as shares in BP gained 1.74% as chief executive Tony Hayward looked set to stand down, following criticism over his handling of the Gulf of Mexico oil spill.
The outlook for U.S. equity markets, meanwhile, was slightly downbeat as investors eyed quarterly earnings reports from asset management firm Legg Mason, cigarette manufacturer Lorillard and Plum Creek Timber.
Dow Jones Industrial Average futures indicated a decline 0.01%, S&P 500 futures pointed to a loss of 0.05% and Nasdaq 100 futures indicated a drop of 0.11%.
Later in the day, the U.S. was due to release data on new home sales.
During European afternoon trade, the EURO STOXX 50 was up 0.01%; France’s CAC 40 shed 0.09% and Germany's DAX shed 0.22%.
The DAX's losses came after stress test results showed that Germany’s Hypo Real Estate Holding bank did not have adequate capital in the event of a sovereign debt crisis.
Shares of Deutsche Bank shed 1.69% after it and several other German banks failed to disclose full details of their sovereign debt holdings.
One Greek and five Spanish banks also failed the test and may need to raise an additional EUR 3.5 billion of capital.
Elsewhere, GlaxoSmithKline shed 2.1% after a report the U.K.’s largest drug manufacturer expressed interest in buying U.S. biotech company Genzyme.
In London, the FTSE 100 shed 0.01% even as shares in BP gained 1.74% as chief executive Tony Hayward looked set to stand down, following criticism over his handling of the Gulf of Mexico oil spill.
The outlook for U.S. equity markets, meanwhile, was slightly downbeat as investors eyed quarterly earnings reports from asset management firm Legg Mason, cigarette manufacturer Lorillard and Plum Creek Timber.
Dow Jones Industrial Average futures indicated a decline 0.01%, S&P 500 futures pointed to a loss of 0.05% and Nasdaq 100 futures indicated a drop of 0.11%.
Later in the day, the U.S. was due to release data on new home sales.