Investing.com - European stocks opened mostly lower on Wednesday, following a fresh batch of corporate earnings reports and after Japan’s stimulus measures announced on Tuesday disappointed markets.
During European morning trade, the EURO STOXX 50 dipped 0.04%, France’s CAC 40 fell 0.29%, while Germany’s DAX 30 slipped 0.15%.
Japanese Prime Minister Shinzo Abe’s cabinet announced a fresh stimulus package on Tuesday, as part of efforts to boost the economy.
The package includes ¥13.5 trillion in fiscal measures, while actual new, direct spending will total about ¥7.5 trillion, most of it over the next two years.
Financial stocks were mostly higher, as French lenders BNP Paribas (PA:BNPP) and Societe Generale (PA:SOGN) gained 0.66% and 4.16%, although Germany’s Deutsche Bank (DE:DBKGn) and Commerzbank (DE:CBKG) lost 0.28% and 1.69%.
Societe Generale earlier reported a 8.1% increase in second-quarter net income compared to a year ago.
Among peripheral lenders, Italy’s Intesa Sanpaolo (MI:ISP) and Unicredit (MI:CRDI) rose 0.29% and 0.98% respectively, while Spanish banks BBVA (MC:BBVA) and Banco Santander (MC:SAN) advanced 0.71% and 0.66%.
Elsewhere, AXA SA (PA:AXAF) dropped 0.43% after Europe's second-biggest insurer reported a 4% increase in first-half net profit, below analysts’ expectations.
Continental AG O.N. (DE:CONG) plummeted 4.07% even as the German manufacturing company raised its 2016 earnings forecast after posting a 13% increase in half year net profit.
In London, FTSE 100 inched up 0.01%, led by HSBC Holdings (LON:HSBA), whose shares surged 3.77% after the lender reported a sharp decline in second quarter profit.
Other U.K. banks were also on the upside, as Lloyds Banking (LON:LLOY) and Barclays (LON:BARC) rose 0.30% and 0.34% respectively, while the Royal Bank of Scotland (LON:RBS) gained 0.38%.
Next PLC (LON:NXT) added to gains, with shares up 3.56% after the retailer said second-quarter full price sales rose 0.3% year-on-year, but it warned that sales in 2016 could fall by 2.5%.
Meanwhile, mining stocks were mostly lower on the commodity-heavy index. Shares in BHP Billiton (LON:BLT) slid 0.68% and Rio Tinto (LON:RIO) dropped 0.70%, while Glencore (LON:GLEN) tumbled 1.55%. Fresnillo (LON:FRES) overperformed however, with shares advancing 0.82%.
In the U.S., equity markets pointed to a lower open. The Dow Jones Industrial Average futures pointed to a 0.24% loss, S&P 500 futures a 0.24% fall, while the Nasdaq 100 futures indicated a 0.24% decline.