Investing.com - European stocks were lower on Friday, after the release of disappointing German business climate data, while concerns over the financial situation in Cyprus persisted.
During European morning trade, the EURO STOXX 50 retreated 0.39%, France’s CAC 40 declined 0.46%, while Germany’s DAX 30 slid 0.26%.
The Ifo Institute for Economic Research said Garmany's business climate index declined to 106.7 from a reading of 107.4, disappointing expectations for a rise to 107.6.
Cyprus's parliament was set to vote later Friday on a new solution on an international bailout deal, after it rejected a controversial bank deposit tax in a vote on Tuesday.
On Thursday, the European Union threatened to withdraw its bailout offer for Cyprus if no deal is finalized by Monday.
European officials said on Thursday that Cyprus must raise the EUR5.8 billion necessary for it to secure a EUR10 billion bailout by Monday, or face a collapse of its financial system.
Financial stocks were broadly lower, as shares in French lenders BNP Paribas and Societe Generale tumbled 1.21% and 2.10%, while Germany's Deutsche Bank slipped 0.09%.
Peripheral lenders added to losses, with Italian banks Intesa Sanpaolo and Unicredit retreated 0.25% and 1.10%, while Spain's BBVA and Banco Santander declined 0.41% and 0.71% respectively.
On the upside, Temenos rose 0.34% after the banking software maker said it will buy Trinovus to expand in the U.S. banking market.
In London, FTSE 100 dipped 0.02%, as U.K. lenders tracked their European counterparts lower.
Shares in Barclays slid 0.30% and HSBC Holdings declined 0.61%, while Lloyds Banking and the Royal Bank of Scotland plummeted 2.51% and 2.46%.
Mining giants BHP Billiton and Rio Tinto were also on the downside, dropping 0.83% and 0.84%, while copper producers Xstrata and Kazakhmys retreated 0.81% and 0.17% respectively.
In the U.S., equity markets pointed to a steady open. The Dow Jones Industrial Average futures pointed to a 0.08% rise, S&P 500 futures signaled a 0.03% gain, while the Nasdaq 100 futures indicated a 0.03% advance.
During European morning trade, the EURO STOXX 50 retreated 0.39%, France’s CAC 40 declined 0.46%, while Germany’s DAX 30 slid 0.26%.
The Ifo Institute for Economic Research said Garmany's business climate index declined to 106.7 from a reading of 107.4, disappointing expectations for a rise to 107.6.
Cyprus's parliament was set to vote later Friday on a new solution on an international bailout deal, after it rejected a controversial bank deposit tax in a vote on Tuesday.
On Thursday, the European Union threatened to withdraw its bailout offer for Cyprus if no deal is finalized by Monday.
European officials said on Thursday that Cyprus must raise the EUR5.8 billion necessary for it to secure a EUR10 billion bailout by Monday, or face a collapse of its financial system.
Financial stocks were broadly lower, as shares in French lenders BNP Paribas and Societe Generale tumbled 1.21% and 2.10%, while Germany's Deutsche Bank slipped 0.09%.
Peripheral lenders added to losses, with Italian banks Intesa Sanpaolo and Unicredit retreated 0.25% and 1.10%, while Spain's BBVA and Banco Santander declined 0.41% and 0.71% respectively.
On the upside, Temenos rose 0.34% after the banking software maker said it will buy Trinovus to expand in the U.S. banking market.
In London, FTSE 100 dipped 0.02%, as U.K. lenders tracked their European counterparts lower.
Shares in Barclays slid 0.30% and HSBC Holdings declined 0.61%, while Lloyds Banking and the Royal Bank of Scotland plummeted 2.51% and 2.46%.
Mining giants BHP Billiton and Rio Tinto were also on the downside, dropping 0.83% and 0.84%, while copper producers Xstrata and Kazakhmys retreated 0.81% and 0.17% respectively.
In the U.S., equity markets pointed to a steady open. The Dow Jones Industrial Average futures pointed to a 0.08% rise, S&P 500 futures signaled a 0.03% gain, while the Nasdaq 100 futures indicated a 0.03% advance.