Investing.com - European stock markets remained sharply lower on Tuesday, as downbeat euro zone investor confidence data added to concerns over the outlook for global economic growth.
During European afternoon trade, the EURO STOXX 50 tumbled 1.38%, France’s CAC 40 plummeted 1.47%, while Germany’s DAX 30 declined 1.01%.
Stocks came under pressure after official data showed earlier that China posted a trade surplus of USD5.35 billion last month, as imports grew just 5.3% after increasing by 39.6% in February.
Sentiment came under pressure after data showed earlier that investor confidence in the single currency bloc for April deteriorated unexpectedly, remaining in negative territory for the ninth consecutive month.
Sentix said its index of investor confidence declined to minus 14.7 in April from March’s reading of minus 8.2. Analysts had expected the index to improve modestly to minus 8.1 in April.
Markets were also jittery after the yield on Spanish 10-year government bonds climbed to 5.8% earlier in the day, while the country’s government reiterated its aim to cut the budget deficit to 3% of gross domestic product next year.
Meanwhile, Friday’s weaker-than-expected U.S. jobs data continued to cast doubts over the strength of the U.S. economic recovery and fuelled expectations that the Federal Reserve could conduct a fresh round of quantitative easing.
Financial stocks remained broadly lower, led by Dutch lender ING Group, down 4.13%. France’s BNP Paribas and Societe Generale plunged 2.75% and 2.99% respectively, while German lenders Deutsche Bank and Commerzbank tumbled 1.62% and 3.20%.
Spain’s Banco Santander and BBVA also saw shares sink 2.96% and 2.02% respectively as Santander’s Chief Executive Officer and other banking executives were to participate in a conference about the financial industry in Madrid later in the day.
In the energy sector, SBM Offshore NV plunged 7.62% after the world’s biggest supplier of floating oil and gas platforms said it has hired forensic accountants to investigate sales practices that may have been improper.
In London, FTSE 100 declined 0.94%, as U.K. lenders tracked their European counterparts lower while industry data showed that U.K. house prices fell less-than-expected in March.
Shares in Barclays plunged 3.47% and the Royal Bank of Scotland tumbled 2.36%, while Lloyds Banking and HSBC Holdings plummeted 2.17% and 1.39%.
Mining giants Rio Tinto and Bhp Billiton also added to losses, with shares sinking 2.56% and 2.16%, as did copper producers Xstrata and Kazakhmys, down 2.11% and 3.20%.
On the upside, Randgold Resources surged 9.12% after the leader of Mali’s military junta, Amadou Sanogo, said that he will honor an agreement to hand over power to a temporary government.
Cove Energy Plc also gained 3.45% after Mozambique set the level of capital-gains tax on sales of natural-gas assets in the country at 12.8%.
In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a rise of 0.16%, S&P 500 futures signaled a 0.16% increase, while the Nasdaq 100 futures indicated a 0.30% gain.
Market sentiment also came under pressure after official data showed earlier that China posted a trade surplus of USD5.35 billion last month, as imports grew just 5.3% after increasing by 39.6% in February.
During European afternoon trade, the EURO STOXX 50 tumbled 1.38%, France’s CAC 40 plummeted 1.47%, while Germany’s DAX 30 declined 1.01%.
Stocks came under pressure after official data showed earlier that China posted a trade surplus of USD5.35 billion last month, as imports grew just 5.3% after increasing by 39.6% in February.
Sentiment came under pressure after data showed earlier that investor confidence in the single currency bloc for April deteriorated unexpectedly, remaining in negative territory for the ninth consecutive month.
Sentix said its index of investor confidence declined to minus 14.7 in April from March’s reading of minus 8.2. Analysts had expected the index to improve modestly to minus 8.1 in April.
Markets were also jittery after the yield on Spanish 10-year government bonds climbed to 5.8% earlier in the day, while the country’s government reiterated its aim to cut the budget deficit to 3% of gross domestic product next year.
Meanwhile, Friday’s weaker-than-expected U.S. jobs data continued to cast doubts over the strength of the U.S. economic recovery and fuelled expectations that the Federal Reserve could conduct a fresh round of quantitative easing.
Financial stocks remained broadly lower, led by Dutch lender ING Group, down 4.13%. France’s BNP Paribas and Societe Generale plunged 2.75% and 2.99% respectively, while German lenders Deutsche Bank and Commerzbank tumbled 1.62% and 3.20%.
Spain’s Banco Santander and BBVA also saw shares sink 2.96% and 2.02% respectively as Santander’s Chief Executive Officer and other banking executives were to participate in a conference about the financial industry in Madrid later in the day.
In the energy sector, SBM Offshore NV plunged 7.62% after the world’s biggest supplier of floating oil and gas platforms said it has hired forensic accountants to investigate sales practices that may have been improper.
In London, FTSE 100 declined 0.94%, as U.K. lenders tracked their European counterparts lower while industry data showed that U.K. house prices fell less-than-expected in March.
Shares in Barclays plunged 3.47% and the Royal Bank of Scotland tumbled 2.36%, while Lloyds Banking and HSBC Holdings plummeted 2.17% and 1.39%.
Mining giants Rio Tinto and Bhp Billiton also added to losses, with shares sinking 2.56% and 2.16%, as did copper producers Xstrata and Kazakhmys, down 2.11% and 3.20%.
On the upside, Randgold Resources surged 9.12% after the leader of Mali’s military junta, Amadou Sanogo, said that he will honor an agreement to hand over power to a temporary government.
Cove Energy Plc also gained 3.45% after Mozambique set the level of capital-gains tax on sales of natural-gas assets in the country at 12.8%.
In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a rise of 0.16%, S&P 500 futures signaled a 0.16% increase, while the Nasdaq 100 futures indicated a 0.30% gain.
Market sentiment also came under pressure after official data showed earlier that China posted a trade surplus of USD5.35 billion last month, as imports grew just 5.3% after increasing by 39.6% in February.