Investing.com – Despite an initially positive open, European stocks traded mixed and near the unchanged line as investors digested a wave of earnings reports and looked ahead to economic data stateside along with appearances by the U.S. President Donald Trump.
Nearing midday in Europe, the benchmark Euro Stoxx 50 inched down 0.05%, France’s CAC 40 edged forward 0.04%, and Germany’s DAX 30 slipped 0.05%.
In European data, the French economy confirmed quarter-on-quarter growth of 0.4% in the last three months of 2016, while the annualized reading also remained as expected at 1.1%.
The U.S. will also produce its second estimate of fourth quarter gross domestic product (GDP) at 8:30AM (13:30GMT) along with trade data.
Near the end of European trade on Tuesday, the Conference Board will also release its consumer confidence for February as well as readings on the manufacturing sector from the regions of the Chicago and Richmond Fed.
Global investors will also pay close attention to two appearances from U.S. President Donald Trump who will first give an interview at 6:00AM ET (11:00GMT) Tuesday, followed by his joint session to Congress at 9:00PM (2:00GMT Wednesday).
Market players will be looking for any details that Trump may provide over fiscal policies after he announced a $54 billion increase on defense spending Monday, with equal cuts to other programs.
In big moves from European earnings news, shares of Go-Ahead Group (LON:GOG) crashed 14% after the British bus and train operator saw 6-month profit its unit Southern Rail fall 35% due to ongoing strikes and the firm was forced to cut its guidance.
The top three decliners on the Stoxx 600 after reporting earnings were Aalberts Industries (AS:AALB), Eurofins Scientific (PA:EUFI) and Moneysupermarket.Com Group Plc (LON:MONY), while the biggest gains from results were registered by Meggitt (LON:MGGT), IWG PLC (LON:IWG) and GKN (LON:GKN).
Meanwhile, oil prices were little changed during European morning hours on Tuesday, as market players continued to weigh the prospect of production cuts by major crude-producing nations against a rise in U.S. drilling.
Energy stocks were trading mixed, as French oil and gas major Total SA (PA:TOTF) fell 0.34%, Italy’s ENI (MI:ENI) gained 1.25%, while Norwegian rival Statoil (OL:STL) rose 0.34%.
Financial stocks were also mixed, as French lenders BNP Paribas (PA:BNPP) slipped 0.04% and Societe Generale (PA:SOGN) traded up 0.31%, while Germany’s Deutsche Bank (DE:DBKGn) rose 0.81% and Commerzbank (DE:CBKG) advanced 0.28%.
Among peripheral lenders, Italy’s Intesa Sanpaolo (MI:ISP) gained 0.18% but Unicredit (MI:CRDI) lost 0.80%, while Spanish banks BBVA (MC:BBVA) fell 0.21% and Banco Santander (MC:SAN) advanced 0.34%.
In London, the commodity-heavy FTSE 100 inched up 0.02%, pressured by mining stocks.
Shares in Glencore (LON:GLEN) slipped 0.18%, Anglo American (LON:AAL) fell 1.02%, while BHP Billiton (LON:BLT) traded down 1.32% and Rio Tinto (LON:RIO) dropped 1.06%.
Energy stocks traded lower, as BP (LON:BP) inched down 0.09% and Royal Dutch Shell (LON:RDSa) fell 0.49%.
Financial stocks were mixed as shares of HSBC Holdings (LON:HSBA) slipped 0.05% and the Royal Bank of Scotland (LON:RBS) gained 1.11%, while Barclays (LON:BARC) lost 0.22% but Lloyds Banking (LON:LLOY) gained 0.54%.
In the U.S., futures pointed a flat to lower open. The Dow Jones Industrial Average futures dropped 0.05%, S&P 500 futures slipped 0.05%, while the Nasdaq 100 futures lost 0.08%.