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.