Investing.com - European stocks turned slightly higher in light trade on Monday, as growing expectations for a near-term end to the Federal Reserve's stimulus program continued to weigh on global equities.
During European afternoon trade, the EURO STOXX 50 added 0.25%, France’s CAC 40 rose 0.22%, while Germany’s DAX 30 eased up 0.04%.
Stocks came under pressure after Fed Chairman Ben Bernanke said last week that the central bank could scale back its asset purchases by the end of the year if the economy continues to improve, but added that there was no “preset course.”
Over the weekend, the Group of 20 nations stressed the need for a “careful” shift away from monetary easing so that market volatility does not negatively impact on the global recovery.
Finance ministers and central bankers from the G20 nations said Saturday that future changes to monetary policy should be “carefully calibrated and clearly communicated" and added that tapering should be "calibrated" to economic conditions.
Financial stocks pushed higher, as French lenders BNP Paribas and Societe Generale surged 2.12% and 2.19%, while Germany's Deutsche Bank jumped 2.22%.
Peripheral lenders added to gains, with Spanish banks BBVA and Banco Santander climbing 0.45% and 0.64% respectively, while Italy's Intesa Sanpaolo and Unicredit advanced 1.71% and 2.18%.
Among earnings, Switzerland’s largest bank, UBS, reported an increase in second-quarter profit and said it’s close to a settlement over U.S. mortgage-backed bond sales, sending shares up 3.12%.
Royal Philips Electronics also gained ground, up 3.72%, after reporting that second-quarter profit jumped 30% as a EUR1.1 billion savings program helped offset a consumer slowdown in Europe.
In London, FTSE 100 slipped 0.11%.
Financial stocks remained mixed, as shares in HSBC Holdings and Lloyds Banking fell 0.12% and 0.27%, while Barclays and the Royal Bank of Scotland jumped 1.31% and 1.57%.
Mining stocks were also mixed, with BHP Billiton and Rio Tinto shedding 0.40% and 0.54% respectoively, while Fresnillo and Randgold Resources soared 3.06% and 5.91%.
In the U.S., equity markets pointed to a moderately higher open. The Dow Jones Industrial Average futures pointed to a 0.02% gain, S&P 500 futures signaled a 0.09% rise, while the Nasdaq 100 futures indicated a 0.17% increase.
Later in the day, the U.S. was to release private sector data on existing home sales.
During European afternoon trade, the EURO STOXX 50 added 0.25%, France’s CAC 40 rose 0.22%, while Germany’s DAX 30 eased up 0.04%.
Stocks came under pressure after Fed Chairman Ben Bernanke said last week that the central bank could scale back its asset purchases by the end of the year if the economy continues to improve, but added that there was no “preset course.”
Over the weekend, the Group of 20 nations stressed the need for a “careful” shift away from monetary easing so that market volatility does not negatively impact on the global recovery.
Finance ministers and central bankers from the G20 nations said Saturday that future changes to monetary policy should be “carefully calibrated and clearly communicated" and added that tapering should be "calibrated" to economic conditions.
Financial stocks pushed higher, as French lenders BNP Paribas and Societe Generale surged 2.12% and 2.19%, while Germany's Deutsche Bank jumped 2.22%.
Peripheral lenders added to gains, with Spanish banks BBVA and Banco Santander climbing 0.45% and 0.64% respectively, while Italy's Intesa Sanpaolo and Unicredit advanced 1.71% and 2.18%.
Among earnings, Switzerland’s largest bank, UBS, reported an increase in second-quarter profit and said it’s close to a settlement over U.S. mortgage-backed bond sales, sending shares up 3.12%.
Royal Philips Electronics also gained ground, up 3.72%, after reporting that second-quarter profit jumped 30% as a EUR1.1 billion savings program helped offset a consumer slowdown in Europe.
In London, FTSE 100 slipped 0.11%.
Financial stocks remained mixed, as shares in HSBC Holdings and Lloyds Banking fell 0.12% and 0.27%, while Barclays and the Royal Bank of Scotland jumped 1.31% and 1.57%.
Mining stocks were also mixed, with BHP Billiton and Rio Tinto shedding 0.40% and 0.54% respectoively, while Fresnillo and Randgold Resources soared 3.06% and 5.91%.
In the U.S., equity markets pointed to a moderately higher open. The Dow Jones Industrial Average futures pointed to a 0.02% gain, S&P 500 futures signaled a 0.09% rise, while the Nasdaq 100 futures indicated a 0.17% increase.
Later in the day, the U.S. was to release private sector data on existing home sales.