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European stocks mixed as Brexit concerns resurface; DAX up 0.30%
Published Nov 11, 2016 03:46AM ET
© Reuters. Frankfurt Stock Exchange
Investing.com - European stocks were mixed on Friday, as market sentiment remained supported following Donald Trump’s electoral victory, although Brexit concerns seemed to resurface.
During European morning trade, the EURO STOXX 50 inched up 0.06%, France’s CAC 40 dipped 0.01%, while Germany’s DAX 30 gained 0.30%.
Market sentiment strengthened as investors began to think that a Trump presidency may not be as bad for financial markets as initially expected.
Market participants were especially hoping to see Trump's policies boost spending and inflation in the U.S.
Donald Trump was declared the 45th U.S. President on Wednesday, confounding expectations for a Democratic victory.
However, markets were jittery after a number of British lawmakers said they are prepared to vote against Brexit negotiations after U.K. judges ruled that the government needed parliamentary approval to begin its departure process from the EU.
Financial stocks were mixed, as BNP Paribas (PA:BNPP) inched up 0.05% and Societe Generale (PA:SOGN) declined 0.72% in France, while Deutsche Bank (DE:DBKGn) rose 0.21% and Commerzbank (DE:CBKG) retreated 0.93% in Germany.
Among peripheral lenders, Italy’s Intesa Sanpaolo (MI:ISP) and Unicredit (MI:CRDI) tumbled 1.36% and 2.62%, while Spanish banks Banco Santander (MC:SAN) and BBVA (MC:BBVA) slipped 0.05% and 0.17% .
In earnings news, Altice NV (AS:ATCA) fell 0.31% even after posted better than expected third-quarter profit.
Allianz (DE:ALVG) surged 2.91% after the insurer reported a net profit of €1.56 billion, exceeding analysts’ estimates.
In London, commodity-heavy FTSE 100 dropped 0.41%, weighed by sharp losses in the mining sector.
Shares in Glencore (LON:GLEN) tumbled 1.60% and Randgold Resources (LON:RRS) plummeted 3.60%, while rival company Fresnillo (LON:FRES) lost 4.76%.
Mediclininc International added to losses, with shares down 3.61% aftet the company reported a 26% decline in underlying half-year earnings per share.
Meanwhile, financial stocks were mostly higher, as HSBC Holdings (LON:HSBA) edged up 0.14% and Lloyds Banking (LON:LLOY) gained 0.46%, while Barclays (LON:BARC) advanced 0.76%. The Royal Bank of Scotland (LON:RBS) underperformed however, with shares slipped 0.10%.
In the U.S., equity markets pointed to a steady to lower open. The Dow Jones Industrial Average futures pointed to a 0.04% gain, S&P 500 futures showed a 0.05% dip, while the Nasdaq 100 futures indicated a 0.49% slide.
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