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European stocks open lower with focus on U.S. data; Dax down 0.23%

Published 05/06/2016, 03:30 AM
Updated 05/06/2016, 03:30 AM
© Reuters.  European stocks decline ahead of nonfarm payrolls report

© Reuters. European stocks decline ahead of nonfarm payrolls report

Investing.com - European stocks opened broadly lower on Friday, as investors remained cautious ahead of a key U.S. employment report due later in the day and after another batch of mixed earnings reports.

During European morning trade, the EURO STOXX 50 edged down 0.18%, France’s CAC 40 dropped 0.72%, while Germany’s DAX 30 slipped 0.23%.

Investors were awaiting the U.S. nonfarm payrolls report due later Friday for further indications on the strength of the job market following several negative signs this week.

Financial stocks were mixed, as French lenders Societe Generale (PA:SOGN) and BNP Paribas (PA:BNPP) declined 0.46% and 0.78%, while Deutsche Bank (DE:DBKGn) tumbled 0.96% and Commerzbank (DE:CBKG) added 0.26% in Germany.

Among peripheral lenders, Italy’s Intesa Sanpaolo (MI:ISP) and Unicredit (MI:CRDI) gained 0.18% and 0.85% respectively, while Spanish banks BBVA (MC:BBVA) and Banco Santander (MC:SAN) lost 0.63% and 0.54%.

Elsewhere, ArcelorMittal SA (AS:ISPA) plummeted 2.47% after keeping its forecast for 2016 earnings unchanged but saying that it was slightly more positive about the steel market.

Meanwhile, energy-related stocks were broadly lower as oil prices declined on Friday. French oil and gas major Total SA (PA:TOTF) lost 0.93% and Italy’s ENI (MI:ENI) SpA retreated 0.95%, while Norwegian rival Statoil ASA (OL:STL) dropped 0.51%.

In London, FTSE 100 slipped 0.28%,weighed by Inmarsat PLC (LON:ISA), whose shares dove 5.79% after the satellite company cut its full year revenue guidance by $50 million and said first-quarter earnings fell by 6%.

Mining stocks were also lower on the commodity-heavy index. Shares in Rio Tinto (LON:RIO) dropped 0.59% and BHP Billiton (LON:BLT) tumbled 1.62%, while Anglo American (LON:AAL) lost 1.93% and Glencore (LON:GLEN) plummeted 2.80%.

Shares in easyJet (LON:EZJ) declined by 0.69% after the airline company reported a 6.1% increase in passenger numbers in April but said its load factor – a measure of tickets sold – dropped to 90.4% in April from 90.8%.

Also on the downside, InterContinental Hotels Group PLC (LON:IHG) lost 0.78% even after posting an increase in first-quarter global room revenue.

In the financial sector, stocks were mostly higher. The Royal Bank of Scotland (LON:RBS) edged up 0.14% and Barclays (LON:BARC) gained 0.43%, while Lloyds Banking (LON:LLOY) advanced 0.64%. HSBC Holdings (LON:HSBA) underperformed, with shares declining 0.97%.

In the U.S., equity markets pointed to a moderately lower open. The Dow Jones Industrial Average futures pointed to a 0.11% loss, S&P 500 futures a 0.09% fall, while the Nasdaq 100 futures indicated a 0.17% decline.

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