Investing.com - European stocks were mixed on Tuesday, as oil prices turned lower amid concerns ahead of a highly-anticipated OPEC meeting on Wednesday and as investors also remained cautious ahead of an Italian referendum this weekend.
During European morning trade, the EURO STOXX 50 inched up 0.07%, France’s CAC 40 gained 0.33%, while Germany’s DAX 30 slipped 0.19%.
On December 4, Italian citizens are set to vote in a referendum on whether to overhaul their national constitution, which should help Prime Minister Matteo Renzi implement badly needed economic reforms.
The vote is widely seen as determining Renzi's political fate seeing as he may resign if a "no" vote prevails. The latest opinion polls show most Italians opposing the proposed constitutional changes.
Financial stocks were mixed, as BNP Paribas (PA:BNPP) eased 0.09% and Societe Generale (PA:SOGN) rose 0.33% in France while Germany’s Deutsche Bank (DE:DBKGn) and Commerzbank (DE:CBKG) slid 0.11% and 0.76%.
Among peripheral lenders, Italy’s Intesa Sanpaolo (MI:ISP) and Unicredit (MI:CRDI) gained 0.59% and 0.90% respectively, while BBVA (MC:BBVA) fell 0.17% and Banco Santander (MC:SAN) rose 0.29% in Spain.
Meanwhile, energy stocks were broadly lower, as oil prices declined on Monday ahead of OPEC’s Wednesday meeting set to discuss a potential production cut.
French oil and gas major Total SA (PA:TOTF) tumbled 1.04% and Italy’s ENI (MI:ENI) dropped 0.56%, while Norwegian rival Statoil (OL:STL) lost 0.83%.
Thyssenkrupp AG (DE:TKAG) added to losses, with shares down 0.91% following reports it and India’s TATA STEEL LIMITED (NS:TISC) are planning to reduce the size of Britain's largest steel plant in Port Talbot, Wales, amid the two companies’ plan to merge their European steel operations.
In London, commodity-heavy FTSE 100 declined 0.37%, weighed by sharp losses in the mining sector.
Shares in BHP Billiton (LON:BLT) lost 2.03% and Rio Tinto (LON:RIO) plummeted 2.29%, while Fresnillo (LON:FRES) and Antofagasta (LON:ANTO) dove 2.43% and 3.36% respectively.
Financial stocks were also mostly lower, as HSBC Holdings (LON:HSBA) eased 0.09% and Lloyds Banking (LON:LLOY) dropped 0.47%, while the Royal Bank of Scotland (LON:RBS) tumbled 1.20%. Barclays (LON:BARC) overperformed however, with shares advancing 0.78%.
Sky Plc (LON:SKYB) was one of the top performers on the index, with shares rallying 1.24%, a day after analysts at Macquarie reaffirmed their ‘outperform’ rating on the stock.
In the U.S., equity markets pointed to a steady to higher open. The Dow Jones Industrial Average futures pointed to a 0.08% gain, S&P 500 futures showed a 0.07% uptick, while the Nasdaq 100 futures indicated a 0.07% rise.