Investing.com - European stocks were mixed on Tuesday, despite ongoing concerns over volatility in China declining oil prices.
During European morning trade, the EURO STOXX 50 gained 0.40%, France’s CAC 40 advanced 0.77%, while Germany’s DAX 30 jumped 1.12%.
Investors remained cautious after China’s central bank moved once again to support the yuan, but losses in Chinese shares overnight fueled further concerns over the outlook for the world’s second largest economy.
The yuan's central parity rate against the U.S. dollar was set at 6.5628 Tuesday, slightly weaker than Monday's 6.5626 level set by the People's Bank of China.
Meanwhile, crude oil futures for February delivery were at a fresh 12-1/2 year low of 30.60$ in early European trade.
French oil and gas major saw shares decline 0.79%, while Italy’s Eni dropped 0.71% and Norway’s Staoil plummeted 2.44%.
Financial stocks were broadly higher, as French lenders Societe Generale (PA:SOGN) and BNP Paribas (PA:BNPP) rose 0.19% and 0.82%, while Germany’s Deutsche Bank (DE:DBKGn) advanced 0.74%.
Among peripheral lenders, Italy’s Intesa Sanpaolo (MI:ISP) edged up 0.14%, while Spanish banks BBVA (MC:BBVA) and Banco Santander (MC:SAN) gained 0.55% and 0.64% respectively.
Elsewhere, shares in Volkswagen (DE:VOWG_p) AG rallied 1.39% after the automaker said it raised $1.13 billion from Swedish truck division Scania in 2015 that helped pay for billions of euros in costs to resolve an emissions-rigging scandal.
Continental AG (DE:CONG) added to gains, with shares up 0.84% even after the auto-parts maker said revenue growth would slow to 5% in 2016.
In London, FTSE 100 gained 0.44%, led by Morrisons Supermarket, whose shares soared 9.46% after Barclays (L:BARC) reiterated their underweight rating on the stock.
Financial stocks were also broadly higher, as Lloyds Banking (L:LLOY) rose 0.29% and the Royal Bank of Scotland (L:RBS) gained 0.43%, while HSBC Holdings (L:HSBA) advanced 0.74% and Barclays jumped 1%.
Meanwhile, mining stocks were broadly lower on the commodity-heavy index. Shares in Rio Tinto (L:RIO) and Glencore (L:GLEN) plummeted 2.68% and 2.70% respectively, while Antofagasta (L:ANTO) lost 3.22% and Bhp Billiton (L:BLT) plunged 2.79%.
In the U.S., equity markets pointed to a lower open. The Dow Jones Industrial Average futures pointed to a 0.19% decline, S&P 500 futures signaled a 0.17% fall, while the Nasdaq 100 futures indicated a 0.15% loss.