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European stocks steady to higher, eyes on U.S. data; Dax up 0.01%

Published 06/07/2013, 03:43 AM
Updated 06/07/2013, 03:44 AM
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Investing.com - European stocks were steady to higher on Friday, after the release of positive German trade balance data, while markets eyed the release of a U.S. employment report later in the day.

During European morning trade, the EURO STOXX 50 dipped 0.01%, France’s CAC 40 inched 0.03% lower, while Germany’s DAX 30 inched up 0.01%.

Official data showed that Germany's trade surplus expanded unexpectedly in April, rising to EUR17.7 billion from a surplus of EUR17.6 billion the previous month.

Analysts had expected the trade surplus to narrow to EUR17.2 billion in April.

On Thursday, the European Central Bank left its benchmark interest rate on hold at a record low 0.5% and left deposit rates at zero, following its monthly meeting on Thursday.

ECB President Mario Draghi said the euro zone economy is now likely to contract by 0.6% this year, from the 0.5% contraction forecast in March. However, the central bank revised up its growth forecast for 2014 to 1.1% from 1.0%.

Financial stocks were broadly higher, as French lenders BNP Paribas and Societe Generale rose 0.31% and 0.34%, while Germany's Deutsche Bank gained 0.92%.

Peripheral lenders trended lower on the other hand, with Spanish banks BBVA and Banco Santander slipping 0.14% and 0.01% respectively, while Italy's Unicredit declined 0.49%.

Elsewhere, Deutsche Telekom jumped 1.03% after Jefferies raised the stock to "buy" from "hold", citing the company’s structural changes.

In London, FTSE 100 slipped 0.12%.

Financial stocks were mixed, as HSBC Holdings and Lloyds Banking declined 0.61% and 0.30%, while the Royal Bank of Scotland and Barclays rose 0.32% and 0.59%.

Meanwhile, mining companies were mostly higher. Rio Tinto edged up 0.06%, while Glencore and Eurasian Natural Resources rallied 1.98% and 2.45%.

In the U.S., equity markets pointed to a lower open. The Dow Jones Industrial Average futures pointed to a 0.25% fall, S&P 500 futures signaled a 0.25% decline, while the Nasdaq 100 futures indicated a 0.17% loss.

Later in the day, Germany was to produce official data on industrial production, while the U.S. was to release government data on nonfarm payrolls and the unemployment rate.


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