Investing.com - European stocks opened lower on Thursday, as markets were jittery ahead of the minutes of the European Central Bank’s latest policy meeting, as well as a meeting between U.S. President Donald Trump and Chinese leader Xi Jinping.
During European morning trade, the EURO STOXX 50 slid 0.66%, France’s CAC 40 retreated 0.73%, while Germany’s DAX 30 declined 0.76%.
Investors remained cautious ahead of what was expected to be a tense summit meeting between U.S. President Donald Trump and Chinese leader Xi Jinping later Thursday to discuss U.S.-China trade and security issues, including North Korea’s arms program.
Separately, data earlier showed that German factory orders rose 3.4% in February, disappointing expectations for an increase of 4.0%.
Financial stocks were broadly lower, as French lenders Societe Generale (PA:SOGN) and BNP Paribas (PA:BNPP) tumbled 1.45% and 1.35%, while Germany’s Commerzbank (DE:CBKG) and Deutsche Bank (DE:DBKGn) plummeted 2.23% and 2.65%.
Among peripheral lenders, Italy’s Intesa Sanpaolo (MI:ISP) and Unicredit (MI:CRDI) declined 0.76% and 1.20% respectively, while Spanish banks BBVA (MC:BBVA) and Banco Santander (MC:SAN) lost 1.30% and 1.23%.
Bayerische Motoren Werke AG (DE:BMWG) added to losses, with shares down 1.37% as workers at BMW, Mini and Rolls-Royce (LON:RR) Motor Cars were set to hold a series of 24-hour strikes at factories across the UK in a dispute about pensions.
On the upside, Beiersdorf AG (DE:BEIG) rose 0.37% after analysts at Macquarie reiterated its “buy” rating on the stock earlier in the week.
In London, FTSE 100 declined 0.85%, weighed by Aviva (LON:AV) Plc, whose shares plunged 4.06% after Goldman Sachs (NYSE:GS) downgraded its stance on Aviva to 'neutral', citing balance sheet health concerns.
Financial stocks were also on the downside, as HSBC Holdings (LON:HSBA) retreated 0.79% and Barlcays tumbled 1.85%, while the Royal Bank of Scotland (LON:RBS) and Lloyds Banking (LON:LLOY) plummeted 2.21% and 3.20% respectively.
Meanwhile, mining stocks were mixed on the commodity-heavy index. Shares in Randgold (LON:RRS) ressources advanced 0.99% and Fresnillo (LON:FRES) jumped 1.08%, while Rio Tinto (LON:RIO) slid 0.66% and Glencore (LON:GLEN) dropped 0.84%.
Unilever (LON:ULVR) was one of the top performers on the index, as shares rallied 0.96% after the company announced plans to sell its margarine spreads business, as it continues to reshape itself following an unsolicited takeover bid by US giant Kraft Heinz.
In the U.S., equity markets pointed to a lower open. The Dow Jones Industrial Average futures pointed to a 0.21% fall, S&P 500 futures showed a 0.23% decline, while the Nasdaq 100 futures indicated a 0.28% loss.