Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Breaking News

Oil Down 2% on Talk of Imminent Deal for Iran to Export Crude Again 

European stocks open lower after mixed earnings reports; Dax down 1.50%

Stock MarketsMay 03, 2016 03:36AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Frankfurt Stock Exchange

Investing.com - European stocks opened lower on Tuesday, after mixed earnings reports from a number of European lenders and as disappointing manufacturing activity data from China dampened market sentiment.

During European morning trade, the EURO STOXX 50 lost 1%, France’s CAC 40 retreated 0.92%, while Germany’s DAX 30 tumbled 1.50%.

Data showed that China’s Caixin manufacturing purchasing managers’ index ticked down to 49.4 in April from 49.7 the previous month, compared to expectations for a rise to 49.9.

The weak data added to concerns over slowdown in the world’s second largest economy.

Financial stocks were mixed, as BNP Paribas (PA:BNPP) surged 2.96% and Societe Generale (PA:SOGN) slid 0.42% in France, while Germany’s Deutsche Bank (DE:DBKGn) and Commerzbank (DE:CBKG) plunged 2.03% and 5.40%.

BNP Paribas earlier reported a 10% increase in first-quarter net profit, beating analysts’ expectations, while Commerzbank reported a 52% year-on-year drop in first-quarter net income.

Among peripheral lenders, Italy’s Unicredit (MI:CRDI) and Intesa Sanpaolo (MI:ISP) gained 0.31% and 0.59% respectively, while Spanish banks BBVA (MC:BBVA) and Banco Santander (MC:SAN) lost 0.76% and 1.10%.

Elsewhere, UBS Group AG (SIX:UBSG) saw shares plummet 3.93% after the Swiss bank reported a decline in first-quarter adjusted profit before tax.

In London, commodity-heavy FTSE 100 fell 0.27%, weighed by sharp losses in the mining sector.

Shares in Bhp Billiton (LON:BLT) retreated 2.59% and Glencore (LON:GLEN) tumbled 3.02%, while rivals Rio Tinto (LON:RIO) and Anglo American (LON:AAL) dove 3.63% and 4.56% respectively.

Meanwhile, financial stocks were mixed. Barclays (LON:BARC) slid 0.61% and the Royal Bank of Scotland (LON:RBS) lost 0.87%, while Lloyds Banking (LON:LLOY) rose 0.24% and HSBC Holdings (LON:HSBA) jumped 0.91%.

HSBC earlier reported an 18% decline in adjusted pre-tax profit for the first quarter.

RSA Insurance Group PLC (LON:RSA) was one of the top performers on the index, with shares rallying 3.57% after analysts at Barclays upgraded the stock’s rating to ‘overweight’.

In the U.S., equity markets pointed to a lower open. The Dow Jones Industrial Average futures pointed to a 0.33% slide, S&P 500 futures a 0.29% fall, while the Nasdaq 100 futures indicated a 0.35% decline.

European stocks open lower after mixed earnings reports; Dax down 1.50%
 

Related Articles

Is the Bull Market Over???
Is the Bull Market Over??? By StockNews - Apr 21, 2021

The past year for the S&P 500 (SPY) has been as bullish as they come. And yet seemingly out of nowhere investors have become very defensive of late. Why is this? And what does...

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.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
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.
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?
 
Post
 
Replace the attached chart with a new chart ?
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
or
Sign up with Email