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European stocks open lower, snap 5-day rally; Dax down 0.49%

Published Aug 04, 2015 03:32AM ET
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Investing.com - European stocks opened lower on Tuesday, as markets took a breather after a five-day winning streak and investors continued to focus on second-quarter earnings.

During European morning trade, the EURO STOXX 50 declined 0.78%, France’s CAC 40 retreated 0.86%, while Germany’s DAX 30 slid 0.49%.

European equities had found support on Monday after data showed that the euro zone's manufacturing sector continued to expand at a steady pace at the start of the third quarter.

Continuing expansion in Germany, Spain and Italy offset a record contraction of the Greek manufacturing sector last month after capital controls were imposed to avert a collapse of the country's financial system.

The Athens General-Composite dove over 16% on Monday, marking its worst decline since 1987, as it reopened for the first time in over a month.

Financial stocks were mixed, as French lenders Societe Generale (PARIS:SOGN) and BNP Paribas (PARIS:BNPP) plummeted 2.21% and 1.19%, while Deutsche Bank (XETRA:DBKGn) gained 0.48% and Commerzbank (XETRA:CBKG) dropped 0.51% in Germany.

Among peripheral lenders, Italy's Unicredit (MILAN:CRDI) and Intesa Sanpaolo (MILAN:ISP) lost 1.03% and 1.59% respectively, while Spanish banks BBVA (MADRID:BBVA) and Banco Santander (MADRID:SAN) retreated 1.06% and 1.08%.

Elsewhere, BMW AG (XETRA:BMWG) plunged 1.94% after reporting a 20% increase in second-quarter revenue, while profit matched analysts' projections.

AXA SA (PARIS:AXAF) saw shares rise 0.29% after the French insurer said first-half earnings increased by 2.3%, boosted by higher life-insurance premiums.

In London, FTSE 100 declined 0.51%, weighed by losses in the financial sector.

Shares in HSBC Holdings (LONDON:HSBA) slid 0.38% and Lloyds Banking (LONDON:LLOY) lost 1.02%, while Barclays (LONDON:BARC) and the Royal Bank of Scotland (LONDON:RBS) plummeted 1.34% and 1.57% respectively.

Mining stocks were also on the downside, with Bhp Billiton (LONDON:BLT) falling 0.26% and Rio Tinto (LONDON:RIO) dropping 0.53%, while Fresnillo (LONDON:FRES) declined 0.87% and Glencore (LONDON:GLEN) retreated 0.96%.

Shares in Travis Perkins (LONDON:TPK) were down 3.41% after the home improvement retailer reported an uptick in first-half pretax profits.

In the U.S., equity markets pointed to a lower open. The Dow Jones Industrial Average futures pointed to a 0.29% fall, S&P 500 futures signaled a 0.26% loss, while the Nasdaq 100 futures indicated a 0.28% decline.

European stocks open lower, snap 5-day rally; Dax down 0.49%
 

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