Investing.com - European stocks edged higher on Friday, after the release of disappointing German data, while discussions over the U.S. “fiscal cliff” appeared to have stalled.
During European morning trade, the EURO STOXX 50 eased up 0.01%, France’s CAC 40 edged up 0.10%, while Germany’s DAX 30 added 0.15%.
Official data earlier showed that German retail sales dropped by 2.8% in October, more than the expected 0.2% fall, following a 0.5% rise the previous month.
On Thursday, the Obama administration and the Republican-controlled House of Representatives reached a deadlock over how to prevent the country going over the so-called “fiscal cliff,” USD600 billion worth of sharp federal spending cuts and tax increases, in January 2013.
Sentiment strengthened earlier in the week, as U.S. President Barack Obama said Wednesday he hoped to reach an agreement with Congress before Christmas.
Financial stocks were broadly higher, as shares in French lenders BNP Paribas and Societe Generale climbed 0.79% and 0.54%, while Germany's Deutsche Bank and Commerzbank advanced 0.41% and 0.50% respectively.
Meanwhile, TNT Express jumped 1.18% after UPS, the world’s biggest package-delivery company, made concessions to regulators reviewing its purchase of TNT, a deal that would double its size in Europe.
Ferrovial, a Spanish builder and airport operator, also added to gains, with shares rallying 1.59% as the company’s board approved a 1 euro per share dividend for 2012, payable on December 13.
On the downside, Hugo Boss, the German luxury-clothing maker controlled by Permira Advisers, fell 0.26% after Goldman Sachs downgraded the stock to neutral from buy.
In London, FTSE 100 slipped 0.11%, weighed by losses in financial stocks.
Shares in the Royal Bank of Scotland led losses, tumbling 1.17%, while Lloyds Banking and Barclays both dropped 0.43%. HSBC Holdings overperformed on the other hand, climbing 0.48%.
Mining stocks trended higher on the other hand, as shares in Rio Tinto and BHP Billiton added 0.31% and 0.25%, while copper producers Xstrata and Kazakhmys advanced 0.71% and 1.18%.
In the U.S., equity markets pointed to a mixed open. The Dow Jones Industrial Average futures pointed to a 0.01% gain, S&P 500 futures signaled a 0.04% loss, while the Nasdaq 100 futures indicated a 0.13% rise.
Later in the day, the euro zone was to publish preliminary data on consumer price inflation.
The U.S. was to release government data on personal income, personal spending and core consumer inflation, in addition to official data on manufacturing activity in Chicago.
During European morning trade, the EURO STOXX 50 eased up 0.01%, France’s CAC 40 edged up 0.10%, while Germany’s DAX 30 added 0.15%.
Official data earlier showed that German retail sales dropped by 2.8% in October, more than the expected 0.2% fall, following a 0.5% rise the previous month.
On Thursday, the Obama administration and the Republican-controlled House of Representatives reached a deadlock over how to prevent the country going over the so-called “fiscal cliff,” USD600 billion worth of sharp federal spending cuts and tax increases, in January 2013.
Sentiment strengthened earlier in the week, as U.S. President Barack Obama said Wednesday he hoped to reach an agreement with Congress before Christmas.
Financial stocks were broadly higher, as shares in French lenders BNP Paribas and Societe Generale climbed 0.79% and 0.54%, while Germany's Deutsche Bank and Commerzbank advanced 0.41% and 0.50% respectively.
Meanwhile, TNT Express jumped 1.18% after UPS, the world’s biggest package-delivery company, made concessions to regulators reviewing its purchase of TNT, a deal that would double its size in Europe.
Ferrovial, a Spanish builder and airport operator, also added to gains, with shares rallying 1.59% as the company’s board approved a 1 euro per share dividend for 2012, payable on December 13.
On the downside, Hugo Boss, the German luxury-clothing maker controlled by Permira Advisers, fell 0.26% after Goldman Sachs downgraded the stock to neutral from buy.
In London, FTSE 100 slipped 0.11%, weighed by losses in financial stocks.
Shares in the Royal Bank of Scotland led losses, tumbling 1.17%, while Lloyds Banking and Barclays both dropped 0.43%. HSBC Holdings overperformed on the other hand, climbing 0.48%.
Mining stocks trended higher on the other hand, as shares in Rio Tinto and BHP Billiton added 0.31% and 0.25%, while copper producers Xstrata and Kazakhmys advanced 0.71% and 1.18%.
In the U.S., equity markets pointed to a mixed open. The Dow Jones Industrial Average futures pointed to a 0.01% gain, S&P 500 futures signaled a 0.04% loss, while the Nasdaq 100 futures indicated a 0.13% rise.
Later in the day, the euro zone was to publish preliminary data on consumer price inflation.
The U.S. was to release government data on personal income, personal spending and core consumer inflation, in addition to official data on manufacturing activity in Chicago.