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European stocks move lower as markets pause; DAX down 0.08%

Stock Markets Feb 17, 2017 03:31AM ET
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© Reuters. European stocks turn lower after week's sharp gains

Investing.com - European stocks moved lower on Friday, as markets paused following sharp gains earlier in the week and as investors focused on a fresh batch of corporate earnings reports.

During European morning trade, the EURO STOXX 50 slipped 0.14%, France’s CAC 40 fell 0.31%, while Germany’s DAX 30 edged 0.08% lower.

Sentiment had improved after Federal Reserve Chair Janet Yellen told the U.S. Senate Banking Committee on Tuesday that the central bank will likely need to raise interest rates at one of its upcoming meetings.

Ms. Yellen said that waiting too long to raise interest rates would be "unwise," given the rise in inflation and economic growth.

Financial stocks were mixed, as French lenders BNP Paribas (PA:BNPP) and Societe Generale (PA:SOGN) slid 0.32% and 0.94%, while Deutsche Bank (DE:DBKGn) added 0.17% and Commerzbank (DE:CBKG) tumbled 1.05% in Germany.

Among peripheral lenders, Intesa Sanpaolo (MI:ISP) advanced 0.64% and Unicredit (MI:CRDI) dropped 0.55% in Italy, while Spanish banks Banco Santander (MC:SAN) and BBVA (MC:BBVA) eased 0.08% and 0.06% respectively.

Elsewhere, Allianz (DE:ALVG) rallied 1.87% after the German insurer announced a share buyback on Thursday evening and reported a 23% year-on-year increase in net profit for its last quarter.

In London, conmodity-heavy FTSE 100 dipped 0.03%, weighed by sharp losses in the mining sector.

Shares in Glencore (LON:GLEN) fell 0.25% and Antofagasta (LON:ANTO) lost 0.71%, while rival companies Rio Tinto (LON:RIO) and Anglo American (LON:AAL) tumbled 1.23% and 1.24% respectively.

Financial stocks added to losses, as HSBC Holdings (LON:HSBA) inched down 0.04% and Lloyds Banking (LON:LLOY) slid 0.48%, while the Royal Bank of Scotland (LON:RBS) retreated 0.90% and Barclays (LON:BARC) plummeted 1.68%.

Meanwhlile, Coca Cola HBC AG (LON:CCH) was one of the top performers on the index, with shares up 2.88% after the company reported on Thursday a rise in full-year net profit, helped by cost cuts and efficiency improvements.

AstraZeneca PLC (LON:AZN) was also on the upside, as shares rallied 1.59% after the drugmaker said patients treated with Lynparza showed a statistically-significant and clinically-meaningful improvement in progression-free survival.

In the U.S., equity markets pointed to a moderately lower open. The Dow Jones Industrial Average futures pointed to a 0.11% loss, S&P 500 futures showed a 0.14% fall, while the Nasdaq 100 futures indicated a 0.09% slip.

European stocks move lower as markets pause; DAX down 0.08%
 

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A n a l y z e r Feb 17, 2017 5:09AM ET
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DAX heading below 10,000
 
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