Investing.com - European stock markets were mixed on Tuesday, as investors remained wary after Standard and Poor’s threatened to downgrade 15 euro zone countries if no progress was made on the region’s debt crisis.
During European afternoon trade, the EURO STOXX 50 fell 0.46%, France’s CAC 40 declined 0.47%, while Germany’s DAX 30 dropped 0.91%.
S&P said it had told 15 of the 17 euro zone countries, including Germany, France and four others with the top AAA credit rating, that it might downgrade them within 90 days, depending on the outcome of Friday's European Union summit.
The warning overshadowed a Franco-German agreement designed to impose budget discipline through European Union treaty changes.
Elsewhere, the International Monetary Fund approved a EUR2.2 billion euro tranche of aid for Greece.
Financial stocks were mixed, as shares Deutsche Bank tumbled 1.16% and Credit Agricole plummeted 3.94%, while shares in Dutch lender ING Groep surged 2.53%.
Valeo declined 2.82% after France’s second-largest auto-parts maker said it bought the VTES unit from Controlled Power Technologies Ltd.
Meanwhile, Italy’s biggest defense company, Finmeccanica retreated 2.81% after S&P cut its long-term credit rating to BBB- with a negative outlook from BBB.
In London, FTSE 100 advanced 0.15%, boosted by gains in the financial sector.
Lloyds Banking was one of the top gainers with shares soaring 2.31%. The Royal Bank of Scotland saw shares climb 1.49%, while Barclays and HSBC Holdings tumbled 0.98% and 1.02% respectively.
Meanwhile, mining stocks were also mixed. Rio Tinto edged down 0.04% and Bhp Billiton declined 0.45%, while copper producer Xstrata gained 0.29%.
Victrex Plc, a U.K maker of heat-resistant plastics for the automotive and energy industries, plunged 3.05% as Numis Securities cut the stock to “add” from “buy.”
On the upside, Wolseley Plc, the world’s largest supplier of heating and plumbing products, gained 4.36% after reporting a 5% increase in first-quarter revenue.
In the U.S., equity markets pointed to a moderately higher open. The Dow Jones Industrial Average futures pointed to a rise of 0.28%, S&P 500 futures signaled a 0.17% increase, while the Nasdaq 100 futures indicated a 0.26% gain.
Also Tuesday, revised data showed that the euro zone’s economy expanded by 0.2% in line with expectations in the third quarter, unchanged from an initial estimate.
A separate report showed that German factory orders rose significantly more-than-expected in October, jumping 5.2% after a 4.6% drop the previous month. Analysts had expected a 1.0% increase in October.
During European afternoon trade, the EURO STOXX 50 fell 0.46%, France’s CAC 40 declined 0.47%, while Germany’s DAX 30 dropped 0.91%.
S&P said it had told 15 of the 17 euro zone countries, including Germany, France and four others with the top AAA credit rating, that it might downgrade them within 90 days, depending on the outcome of Friday's European Union summit.
The warning overshadowed a Franco-German agreement designed to impose budget discipline through European Union treaty changes.
Elsewhere, the International Monetary Fund approved a EUR2.2 billion euro tranche of aid for Greece.
Financial stocks were mixed, as shares Deutsche Bank tumbled 1.16% and Credit Agricole plummeted 3.94%, while shares in Dutch lender ING Groep surged 2.53%.
Valeo declined 2.82% after France’s second-largest auto-parts maker said it bought the VTES unit from Controlled Power Technologies Ltd.
Meanwhile, Italy’s biggest defense company, Finmeccanica retreated 2.81% after S&P cut its long-term credit rating to BBB- with a negative outlook from BBB.
In London, FTSE 100 advanced 0.15%, boosted by gains in the financial sector.
Lloyds Banking was one of the top gainers with shares soaring 2.31%. The Royal Bank of Scotland saw shares climb 1.49%, while Barclays and HSBC Holdings tumbled 0.98% and 1.02% respectively.
Meanwhile, mining stocks were also mixed. Rio Tinto edged down 0.04% and Bhp Billiton declined 0.45%, while copper producer Xstrata gained 0.29%.
Victrex Plc, a U.K maker of heat-resistant plastics for the automotive and energy industries, plunged 3.05% as Numis Securities cut the stock to “add” from “buy.”
On the upside, Wolseley Plc, the world’s largest supplier of heating and plumbing products, gained 4.36% after reporting a 5% increase in first-quarter revenue.
In the U.S., equity markets pointed to a moderately higher open. The Dow Jones Industrial Average futures pointed to a rise of 0.28%, S&P 500 futures signaled a 0.17% increase, while the Nasdaq 100 futures indicated a 0.26% gain.
Also Tuesday, revised data showed that the euro zone’s economy expanded by 0.2% in line with expectations in the third quarter, unchanged from an initial estimate.
A separate report showed that German factory orders rose significantly more-than-expected in October, jumping 5.2% after a 4.6% drop the previous month. Analysts had expected a 1.0% increase in October.