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European stocks remain lower after weak data; Dax down 0.50%

Published 04/16/2013, 06:45 AM
NDX
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UK100
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FCHI
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DJI
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DE40
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STOXX50
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HSBA
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BARC
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NWG
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DANO
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LVMH
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SOGN
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BBVA
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BHP
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RIO
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KAZ
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PAGE
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GC
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HG
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FTNMX551030
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Investing.com - European stocks remained lower on Tuesday, after the release of weak data out of the euro zone and as concerns over the outlook for global economic growth persisted.

During European afternoon trade, the EURO STOXX 50 retreated 0.68%, France’s CAC 40 slid 0.61%, while Germany’s DAX 30 shed 0.50%.

Data earlier showed that the German ZEW economic sentiment index dropped to 36.3 in April, from a reading of 48.5 the previous month, compared to expectations for a fall to 42.0.

The euro zone ZEW economic sentiment index declined to 24.9 this month, from 33.4, compared to expectations for a reading of 31.5.

Meanwhile, investors remained cautious after official data on Monday showed that the Chinese economy expanded by 7.7% year-on-year in the three months to March, down from 7.9% in the fourth quarter and undershooting expectations for 8.0% growth.

Separate reports showed that Chinese industrial production also came in below expectations, while retail sales rose slightly more than forecast.

Financial stocks remained broadly lower, as shares in French lenders BNP Paribas and Societe Generale declined 0.42% and 0.50%, while Germany's Deutsche Bank dipped 0.03%.

Among peripheral lenders, Spanish banks BBVA and Banco Santander edged down 0.19% and 0.29%, while Italy's Intesa Sanpaolo and Unicredit slipped 0.08% and 0.12% respectively.

Elsewhere, LVMH plummeted 3.39% even as the luxury goods company said revenue climbed 6% to EUR6.95 billion in the three months through March.

On the upside, Paris-based Danone surged 3.73% after reporting first-quarter sales growth that beat estimates.

In London, FTSE 100 slid 0.52%, as U.K. lenders continued to track their European counterparts lower.

Shares in Barclays fell 0.22% and Lloyds Banking declined 0.51%, while HSBC Holdings retreated 0.74%. The Royal Bank of Scotland overperformed on the other hand, climbing 0.54%.

Meanwhile, mining stocks continued to trend higher. BHP Billiton gained 0.93% and Rio Tinto rallied 1.25%, while Rangold Resources rallied 5.48% on higher gold prices.

Copper producers Xstrata and Kazakhmys also remained on the upside, surging 5.22% and 2.47% respectively.

Among earnings, Michael Page plunged 5.97% after the recruitment company reported a 6.7% decline in first-quarter gross profit and forecast the second quarter will be "challenging".

In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a 0.51% gain, S&P 500 futures signaled a 0.55% increase, while the Nasdaq 100 futures indicated a 0.58% advance.

Later in the day, the U.S. was to publish official data on building permits and on housing starts, followed by reports on consumer inflation, industrial production and the capacity utilization rate.


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