Investing.com - European stocks opened lower on Wednesday, as investors continued to focus on political developments in France ahead of the highly-anticipated presidential election scheduled next month.
During European morning trade, the EURO STOXX 50 declined 0.76%, France’s CAC 40 tumbled 0.91%, while Germany’s DAX 30 dropped 0.85%.
Concerns over the French presidential election slightly eased after centrist Emmanuel Macron appeared to come out on top in a televised debate against his main rival, far-right anti-EU leader Marine Le Pen.
Meanwhile, the Financial Times reported that center-right candidate Francois Fillon is now facing claims he allegedly sought to profit financially from ties to Russian President Vladimir Putin.
Investors were also cautious after G20 financial leaders dropped a pledge to keep global trade free and open during talks this weekend, following opposition from the increasingly protectionist Trump administration.
Financial stocks were broadly lower, as French lenders BNP Paribas (PA:BNPP) and Societe Generale (PA:SOGN) plummeted 1.68% and 2.19%, while Germany’s Deutsche Bank (DE:DBKGn) and Commerzbank (DE:CBKG) declined 0.64% and 1.32%.
Among peripheral lenders, Italy’s Intesa Sanpaolo (MI:ISP) and Unicredit (MI:CRDI) lost 1.44% and 2.80% respectively, while Spanish banks Banco Santander (MC:SAN) and BBVA (MC:BBVA) tumbled 1.61% and 1.42%.
On the upside, L’Oreal SA (PA:OREP) rose 0.20% after the beauty brand launched its largest loyalty rewards program, called "Worth It Rewards."
In London, commodity-heavy FTSE 100 retreated 0.81%, weighed by sharp losses in the mining sector.
Shares in Glencore (LON:GLEN) tumbled 1.91% and Rio Tinto (LON:RIO) plummeted 2.44%, while rival company BHP Billiton (LON:BLT) lost 2.69%.
Ashtead Group (LON:AHT) was one of the worst performers on the index, with shares down 3.09% after analysts at BNP Paribas reissued their ‘neutral’ rating on the stock.
Financial stocks were also broadly lower, as Lloyds Banking (LON:LLOY) and HSBC Holdings (LON:HSBA) declined 1.09% and 1.10% respectively, while the Royal Bank of Scotland (LON:RBS) retreated 2.02% and Barclays (LON:BARC) plummeted 2.13%.
In the U.S., equity markets pointed to a lower open. The Dow Jones Industrial Average futures pointed to a 0.27% fall, S&P 500 futures showed a 0.25% slip, while the Nasdaq 100 futures indicated a 0.21% loss.