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Stocks - European Markets Open Lower as U.S. Concerns Weigh

Published 12/15/2017, 03:35 AM
Updated 12/15/2017, 03:35 AM
© Reuters.  Frankfurt Stock Exchange

© Reuters. Frankfurt Stock Exchange

Investing.com - European markets opened lower on Friday, as fresh concerns over U.S. tax reform plans dampened market sentiment and as investors were still digesting the European Central Bank's latest policy decision.

The EURO STOXX 50 fell 0.22%, France’s CAC 40 slipped 0.11%, while Germany’s DAX 30 was down 0.18% by 03:30 a.m. ET (07:30 GMT).

Markets were jittery after two U.S. Republican senators on Thursday sought changes to the proposed U.S. tax reform bill.

The bill needs a simple majority to pass in the Senate, in which Republicans hold just 52 of the 100 seats.

Also Thursday, the European Central Bank kept monetary policy on hold on Thursday and revised up its forecast for growth and inflation, but added that underlying inflation remains subdued.

Financial stocks were mixed, as French lenders BNP Paribas (PA:BNPP) and Societe Generale (PA:SOGN) slid 0.27% and 0.47%, while Deutsche Bank (DE:DBKGn) declined 0.49% and Commerzbank (DE:CBKG) rose 0.20% in Germany.

Among peripheral lenders, Italy's Intesa Sanpaolo (MI:ISP) and Unicredit (MI:CRDI) retreated 0.78% and 0.85% respectively, while Spanish banks BBVA (MC:BBVA) and Banco Santander (MC:SAN) added 0.06% and 0.66%.

Elsewhere, shares in Hennes & Mauritz AB (ST:HMb) dove 12.73%. The Swedish retailer on Friday said it will be closing more stores after reporting its biggest drop in quarterly sales in at least a decade, as fewer customers visited H&M stores.

In London, FTSE 100 eased 0.09%, weighed by Dixons Carphone (LON:DC), whose shares plummeted 1.79%. On Wednesday, the company reported a 60% decline in first-half profits.

Financial stocks added to losses, as Lloyds Banking (LON:LLOY) dipped 0.06% and the Royal Bank of Scotland (LON:RBS) dropped 0.40%, while HSBC Holdings (LON:HSBA) declined 0.79% and Barclays (LON:BARC) retreated 0.96%.

Meanwhile, mining stocks were broadly higher on the commodity-heavy index. Shares in Anglo American (LON:AAL) rose 0.29% and Antofagasta (LON:ANTO) gained 0.71%, while Glencore (LON:GLEN) rallied 1.15%.

Market participants were also digesting the fact that the Bank of England left interest rates on hold on Thursday and said there has been “progress” in Brexit negotiations between the UK and Brussels.

In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a 0.15% rise, S&P 500 futures signaled a 0.15% gain, while the Nasdaq 100 futures indicated a 0.20% increase.

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