Investing.com - European stocks were mixed on Wednesday, even as data showed that the German and French economies both expanded more than forecast in the second quarter, fuelling hopes that the euro zone is set to exit a recession.
During European morning trade, the EURO STOXX 50 eased up 0.01%, France’s CAC 40 added 0.16%, while Germany’s DAX 30 inched 0.02% higher.
Preliminary data showed that France’s economy expanded 0.5% in the three months to June, following two consecutive quarters of contraction. Economists had forecast growth of 0.2% quarter-on-quarter.
A separate report showed that Germany’s economy expanded by 0.7% after growing 0.1% in the first quarter. Economists had expected the German economy to grow 0.6% quarter-on-quarter.
However, investors remaiend cautious after U.S. retail sales data on Tuesday reinforced the view that the economic recovery is strong enough for the Federal Reserve to begin phasing out its asset purchase program later this year.
Financial stocks were broadly lower, as French lenders BNP Paribas and Societe Generale declined 0.70% and 0.11%, while Germany's Deutsche Bank tumbled 1.59%.
Among peripheral lenders, Spanish banks Banco Santander and BBVA slid 0.39% and 0.40% respectively, while Italy's Intesa Sanpaolo and Unicredit shed 0.43% and 0.07%.
Elsewhere, RWE AG plummeted 4.25%, even as Germany’s second largest utility said first-half profit rose 19% after arbitration made gas supply contracts with Russia’s OAO Gazprom more favorable.
In London, commodity-heavy FTSE 100 fell 0.12%, weighed by losses in mining stocks.
Mining giants BHP Billiton and Rio Tinto declined 0.13% and 2.57% respectively, while Evraz and Eurasian Natural Resources plunged 2.70% and 2.79%.
Earlier in the day, Rio Tinto said it began an appeal against a decision to block a coal mine expansion in Australia’s New South Wales state.
Meanwhile, financial stocks were mostly higher, with shares in Barclays adding 0.19% and the Royal Bank of Scotland climbing 0.63%, while Lloyds Banking advanced 0.86%. HSBC Holdings underperformed however, shedding 0.36%.
In the U.S., equity markets pointed to a lower open. The Dow Jones Industrial Average futures pointed to a 0.18% fall, S&P 500 futures signaled a 0.21% decline, while the Nasdaq 100 futures indicated a 0.13% loss.
Later in the day, the U.S. was to release data on produce price inflation.
During European morning trade, the EURO STOXX 50 eased up 0.01%, France’s CAC 40 added 0.16%, while Germany’s DAX 30 inched 0.02% higher.
Preliminary data showed that France’s economy expanded 0.5% in the three months to June, following two consecutive quarters of contraction. Economists had forecast growth of 0.2% quarter-on-quarter.
A separate report showed that Germany’s economy expanded by 0.7% after growing 0.1% in the first quarter. Economists had expected the German economy to grow 0.6% quarter-on-quarter.
However, investors remaiend cautious after U.S. retail sales data on Tuesday reinforced the view that the economic recovery is strong enough for the Federal Reserve to begin phasing out its asset purchase program later this year.
Financial stocks were broadly lower, as French lenders BNP Paribas and Societe Generale declined 0.70% and 0.11%, while Germany's Deutsche Bank tumbled 1.59%.
Among peripheral lenders, Spanish banks Banco Santander and BBVA slid 0.39% and 0.40% respectively, while Italy's Intesa Sanpaolo and Unicredit shed 0.43% and 0.07%.
Elsewhere, RWE AG plummeted 4.25%, even as Germany’s second largest utility said first-half profit rose 19% after arbitration made gas supply contracts with Russia’s OAO Gazprom more favorable.
In London, commodity-heavy FTSE 100 fell 0.12%, weighed by losses in mining stocks.
Mining giants BHP Billiton and Rio Tinto declined 0.13% and 2.57% respectively, while Evraz and Eurasian Natural Resources plunged 2.70% and 2.79%.
Earlier in the day, Rio Tinto said it began an appeal against a decision to block a coal mine expansion in Australia’s New South Wales state.
Meanwhile, financial stocks were mostly higher, with shares in Barclays adding 0.19% and the Royal Bank of Scotland climbing 0.63%, while Lloyds Banking advanced 0.86%. HSBC Holdings underperformed however, shedding 0.36%.
In the U.S., equity markets pointed to a lower open. The Dow Jones Industrial Average futures pointed to a 0.18% fall, S&P 500 futures signaled a 0.21% decline, while the Nasdaq 100 futures indicated a 0.13% loss.
Later in the day, the U.S. was to release data on produce price inflation.