Investing.com - European stocks turned broadly lower on Friday, despite the release of positive economic reports out of Germany and France, as concerns that the Federal Reserve may soon taper its stimulus program weighed.
During European afternoon trade, the EURO STOXX 50 dropped 0.55%, France’s CAC 40 declined 0.67%, while Germany’s DAX 30 slid 0.32%.
Official data earlier showed that German retail sales rose 0.8% in May, beating expectations for a 0.2% gain, after a 0.1% fall the previous month.
In France, official data showed that consumer spending rose 0.5% in May, confounding expectations for a 0.1% fall, after a 0.5% decline the previous month.
But investors remained cautious ahead of the release of U.S. data amid ongoing uncertainty over the future of the Fed's bond-buying program.
Financial stocks turned mostly lower, as French lenders BNP Paribas and Societe Generale tumbled 1.83% and 2.76%. Germany's Deutsche Bank remained higher however, gaining 0.45%.
Among peripheral lenders, Spanish banks Banco Santander and BBVA declined 0.60% and 1.53% respectively, while Italy's Intesa Sanpaolo and Unicredit plummeted 1.23% and 1.26%.
On the upside, Mediaset rallied 1.91% after Credit Suisse raised its price target on the broadcaster to EUR4.40 from EUR2.65, citing growing evidence that the television-advertising markets in Italy and Spain have bottomed.
In London, FTSE 100 slipped 0.15%, weighed by losses in financial stocks.
Shares in HSBC Holdings slid 0.30% and the Royal Bank of Scotland dropped 0.41%, while Barclays retreated 0.75%. Lloyds Banking overperformed on the other hand, jumping 1.46%.
Meanwhile, mining giants Rio Tinto and BHP Billiton remained higher, advancing 0.61% and 0.30% respectively, while Anglo American climbed 0.57%.
Elsewhere, Serco surged 3.80% after the company said its investment in contract bidding and new market development activity has increased.
In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a 0.17% gain, S&P 500 futures signaled a 0.20% increase, while the Nasdaq 100 futures indicated a 0.17% rise.
Later in the day, the U.S. was to release a report on manufacturing activity in Chicago and revised data from the University of Michigan on consumer sentiment.
During European afternoon trade, the EURO STOXX 50 dropped 0.55%, France’s CAC 40 declined 0.67%, while Germany’s DAX 30 slid 0.32%.
Official data earlier showed that German retail sales rose 0.8% in May, beating expectations for a 0.2% gain, after a 0.1% fall the previous month.
In France, official data showed that consumer spending rose 0.5% in May, confounding expectations for a 0.1% fall, after a 0.5% decline the previous month.
But investors remained cautious ahead of the release of U.S. data amid ongoing uncertainty over the future of the Fed's bond-buying program.
Financial stocks turned mostly lower, as French lenders BNP Paribas and Societe Generale tumbled 1.83% and 2.76%. Germany's Deutsche Bank remained higher however, gaining 0.45%.
Among peripheral lenders, Spanish banks Banco Santander and BBVA declined 0.60% and 1.53% respectively, while Italy's Intesa Sanpaolo and Unicredit plummeted 1.23% and 1.26%.
On the upside, Mediaset rallied 1.91% after Credit Suisse raised its price target on the broadcaster to EUR4.40 from EUR2.65, citing growing evidence that the television-advertising markets in Italy and Spain have bottomed.
In London, FTSE 100 slipped 0.15%, weighed by losses in financial stocks.
Shares in HSBC Holdings slid 0.30% and the Royal Bank of Scotland dropped 0.41%, while Barclays retreated 0.75%. Lloyds Banking overperformed on the other hand, jumping 1.46%.
Meanwhile, mining giants Rio Tinto and BHP Billiton remained higher, advancing 0.61% and 0.30% respectively, while Anglo American climbed 0.57%.
Elsewhere, Serco surged 3.80% after the company said its investment in contract bidding and new market development activity has increased.
In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a 0.17% gain, S&P 500 futures signaled a 0.20% increase, while the Nasdaq 100 futures indicated a 0.17% rise.
Later in the day, the U.S. was to release a report on manufacturing activity in Chicago and revised data from the University of Michigan on consumer sentiment.