Breaking News

European stocks open lower, focus on EU talks; Dax down 0.06%

Stock MarketsMar 15, 2013 04:30AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items

Investing.com - European stocks opened lower on Friday, as markets eyed a second day of talks between European Union officials over a possible bailout package for Cyprus.

During European morning trade, the EURO STOXX 50 declined 0.30%, France’s CAC 40 shed 0.32%, while Germany’s DAX 30 eased 0.06%.

Markets were jittery, as EU and International Monetary Fund officials worked on a rescue package for Cyprus through the night in Brussels, with the aim of presenting the outline of a bailout programme to euro zone finance experts on Friday morning.

Cyprus originally estimated that it needed about EUR17 billion to restore its economy to health, with up to EUR10 billion to recapitalise its banks and EUR7 billion required for servicing debt and running general government operations.

Financial stocks were broadly higher, as shares in French lenders BNP Paribas and Societe Generale added 0.14% and 0.33%, while Germany's Deutsche Bank advanced 0.47%.

Among peripheral lenders, Spanish bank BBVA rose 0.39% and 0.51%, while Italy's Unicredit climbed 0.63%.

On the downside, French mass media and telecom company Vivendi tumbled 3.18%, as it halted the planned sale of GVT after failing to get a satisfactory bid for the division, valued at EUR5.2 billion.

In London, FTSE 100 dipped 0.01%, weighed by losses in the financial sector.

Shares in Lloyds Banking dropped 0.41% and HSBC Holdings slid 0.68%, while the Royal Bank of Scotland retreated 0.87%. Barclays overperformed on the other hand, gaining 0.50%.

Meanwhile, mining stocks trended sharply higher, as BHP Billiton and Rio Tinto advanced 0.43% and 0.86%, while Eurasian Natural Resources rallied 0.74%.

Copper producers Xstrata and Kazakhmys added to gains, with shares rising 0.39% and 0.75% respectively.

Elsewhere, ARM Holdings, whose chip designs power Apple's iPhone and iPad, gained 0.76% after Jefferies raised its recommendation on the stock to "buy" from "hold", saying the company remains well-positioned for the mid-to-long term.

In the U.S., equity markets pointed to a steady open. The Dow Jones Industrial Average futures pointed to a 0.03% gain, S&P 500 futures signaled a 0.02% dip, while the Nasdaq 100 futures indicated a 0.03% rise.

Later in the day, the euro zone was to publish official data on consumer price inflation.

The U.S. was to produce official data on consumer inflation and preliminary data from the University of Michigan on consumer sentiment, followed by reports data on industrial production, and manufacturing activity in New York state.

European stocks open lower, focus on EU talks; Dax down 0.06%

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Are you sure you want to delete this chart?
Write your thoughts here
Replace the attached chart with a new chart ?
Post also to:
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Post 1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email