Investing.com - European stocks were mixed on Wednesday, political uncertainty in France and the U.K. continued to weigh on market sentiment.
During European morning trade, the EURO STOXX 50 fell 0.24%, France’s CAC 40 eased 0.07%, while Germany’s DAX 30 added 0.12%.
Markets were jittery after U.K. Prime Minister Theresa May on Tuesday called a snap election for June 8.
Analysts expect May to win a substantial majority in the elections, securing her position ahead of talks with the European Union about the terms for Brexit.
Investors also remained cautious ahead of the first round of the French presidential election, scheduled on Sunday April 23.
The race tightened after a surge in polls for far-left candidate Jean-Luc Melenchon, who wants a referendum on the country’s European Union membership.
Financial stocks were broadly higher, as French lenders BNP Paribas (PA:BNPP) and Societe Generale (PA:SOGN) gained 0.66% and 1.77%, while Germany’s Commerzbank (DE:CBKG) and Deutsche Bank (DE:DBKGn) rallied 1.28% and 1.57%.
Among peripheral lenders, Italy’s Intesa Sanpaolo (MI:ISP) and Unicredit (MI:CRDI) jumped 1.59% and 2.33% respectively, while Spanish banks BBVA (MC:BBVA) and Banco Santander (MC:SAN) advanced 0.68% and 0.73%.
Heineken (AS:HEIN) added to gains, as shares climbed 0.76% after the brewer reported a rise in profit for the first quarter.
On the downside, Vivendi (PA:VIV) tumbled 1.39% after the French media conglomerate threatened legal action against the Italian regulator after it ruled that the group is breaching the country’s rules on concentration of power.
The regulator said Vivendi can’t hold onto the large stakes it has built up in both Mediaset (MI:MS) and Telecom Italia (MI:TLIT).
In London, FTSE 100 fell 0.26%, weighed by Burberry Group (LON:BRBY), whose shares dove 5.88% after the luxury brand reported a slight slowdown in its fourth-quarter comparable sales growth rate.
Pearson (LON:PSON) Plc was also on the downside, with shares tumbling 1.87% after analysts at Jefferies Group downgraded their rating on the stock to ‘underperform’.
Meanwhile, mining stocks were mixed on the commodity-heavy index. Shares in Fresnillo (LON:FRES) lost 1.51% and Rangold Resources plummeted 1.76%, while rivals Anglo American (LON:AAL) and Glencore (LON:GLEN) rallied 1.35% and 1.66% respectively.
In the financial sector, stocks were mostly higher. Barclays (LON:BARC) gained 0.36% and Lloyds Banking (LON:LLOY) advanced 0.84%, while the Royal Bank of Scotland (LON:RBS) jumped 1.02%. HSBC Holdings (LON:HSBA) underperformed, with shares sliding 0.43%.
In the U.S., equity markets pointed to a steady to higher open. The Dow Jones Industrial Average futures pointed to a 0.05% uptick, S&P 500 futures showed a 0.15% gain, while the Nasdaq 100 futures indicated a 0.16% rise.