Investing.com – European stocks declined on Wednesday, led down by stocks in the banking and mining sectors, while U.S. futures indices pointed to a lower open on Wall Street.
During European morning trade, the EURO STOXX 50 fell 0.43%; France’s CAC 40 shed 0.52%, while Germany's DAX was down 0.61%.
European banking stocks remained under pressure on Wednesday, as reports showed Irish and Portuguese government bonds fell, pushing yield spreads on 10-year securities to a record high against German bunds, reviving fears over the ‘peripheral’ euro-region debt.
In France, stocks in French lenders Societe Generale declined 2.72%, BNP Paribas fell 1.89% and Credit Agricole plunged 3.85%.
Shares in German bankers Commerzbank declined 1.89%, Deutsche Bank stocks were down 1.51%, while Allianz AG fell 1.24% after a report from Germany’s Banking Association said the nation’s 10 largest banks would need EUR 105 billion of additional capital in order to meet new banking regulations.
Elsewhere, stocks in the National Bank of Greece plunged 9.42%, after the bank said it planned to raise USD 3.6 billion to boost capital.
In London, the commodity heavy FTSE 100 was down 0.67%, as banks and miners led losses.
Shares in Britain’s third-largest bank, Barclays Plc plummeted 3.07%, the Royal Bank of Scotland was down 1.84% and HSBC Holdings stocks fell 1.60%.
Meanwhile, shares in mining giants Rio Tinto declined 1.78%, Xstrata shed 0.65% and BHP Billiton stocks tumbled 1.96%, as Australia’s newly formed Labor minority government was expected to move forward with a tax on mining company profits.
Elsewhere, crude oil prices dropped 0.16% to hit USD 73.61 a barrel.
The outlook for U.S. equity markets, meanwhile, was downbeat: Dow Jones Industrial Average futures indicated a loss of 0.18%, S&P 500 futures pointed to a decrease of 0.21% and Nasdaq 100 futures indicated a drop of 0.11%.
Earlier in the day, official data showed that German exports fell in July, while the country’s trade balance widened less-than-expected in July.
During European morning trade, the EURO STOXX 50 fell 0.43%; France’s CAC 40 shed 0.52%, while Germany's DAX was down 0.61%.
European banking stocks remained under pressure on Wednesday, as reports showed Irish and Portuguese government bonds fell, pushing yield spreads on 10-year securities to a record high against German bunds, reviving fears over the ‘peripheral’ euro-region debt.
In France, stocks in French lenders Societe Generale declined 2.72%, BNP Paribas fell 1.89% and Credit Agricole plunged 3.85%.
Shares in German bankers Commerzbank declined 1.89%, Deutsche Bank stocks were down 1.51%, while Allianz AG fell 1.24% after a report from Germany’s Banking Association said the nation’s 10 largest banks would need EUR 105 billion of additional capital in order to meet new banking regulations.
Elsewhere, stocks in the National Bank of Greece plunged 9.42%, after the bank said it planned to raise USD 3.6 billion to boost capital.
In London, the commodity heavy FTSE 100 was down 0.67%, as banks and miners led losses.
Shares in Britain’s third-largest bank, Barclays Plc plummeted 3.07%, the Royal Bank of Scotland was down 1.84% and HSBC Holdings stocks fell 1.60%.
Meanwhile, shares in mining giants Rio Tinto declined 1.78%, Xstrata shed 0.65% and BHP Billiton stocks tumbled 1.96%, as Australia’s newly formed Labor minority government was expected to move forward with a tax on mining company profits.
Elsewhere, crude oil prices dropped 0.16% to hit USD 73.61 a barrel.
The outlook for U.S. equity markets, meanwhile, was downbeat: Dow Jones Industrial Average futures indicated a loss of 0.18%, S&P 500 futures pointed to a decrease of 0.21% and Nasdaq 100 futures indicated a drop of 0.11%.
Earlier in the day, official data showed that German exports fell in July, while the country’s trade balance widened less-than-expected in July.