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Stocks - European Markets Open Mixed, Draghi Speech in Focus

Published 11/17/2017, 03:44 AM
Updated 11/17/2017, 03:44 AM
© Reuters.  Frankfurt Stock Exchange

© Reuters. Frankfurt Stock Exchange

Investing.com - European markets opened mixed on Friday, as investors eyed an upcoming speech by European Central Bank President Mario Draghi due later in the day and as market sentiment mildly improved following an important step in a U.S. tax overhaul.

The EURO STOXX 50 eased 0.08%, France’s CAC 40 fell 0.21%, while Germany’s DAX 30 was up 0.02% by 03:35 a.m. ET (07:35 GMT).

ECB President Draghi was set to deliver a speech titled "Europe into a New Era – How to Seize the Opportunities" at the Frankfurt European Banking Congress at 03:30 a.m. ET (07:30 GMT).

Meanwhile, investors were relieved to learn that the U.S. House of Representatives on Thursday approved a broad package of tax cuts, which will now be debated by the Senate.

Market participants were still cautious however, as the Republican majority is smaller in the Senate and no decisive action is expected until after next week's Thanksgiving holiday.

Financial stocks were broadly higher, as French lenders Societe Generale (PA:SOGN) and BNP Paribas (PA:BNPP) gained 0.40% and 0.75%, while Germany's Commerzbank (DE:CBKG) and Deutsche Bank (DE:DBKGn) advanced 0.82% and 1.17%.

Among peripheral lenders, Italy's Unicredit (MI:CRDI) and Intesa Sanpaolo (MI:ISP) climbed 0.30% and 0.57% respectively, while Spanish banks BBVA (MC:BBVA) and Banco Santander (MC:SAN) rose 0.11% and 0.36%.

Elsewhere, Deutsche Lufthansa AG (DE:LHAG) shares advanced 0.71% after Italian airliner Alitalia said on Thursday that it has met with members of its German counterpart and added that reports over a deal with the company were “groundless”.

The news came on the heels of a report published on Tuesday that Lufthansa offered €250 million to take on most of Alitalia’s fleet of aircraft and half of its staff.

On the downside, French telecom giant Bouygues (PA:BOUY) saw shares retreat 0.87% a day after reporting a 37% increase in nine-month operating profits, beating analysts' projections.

In London, FTSE 100 slipped 0.18%, weighed by United Utilities Group PLC (LON:UU), whose shares plummeted 2.58%. The stock was closely followed by Dixons Carphone (LON:DC), down 2.47%.

Mining stocks added to losses on the commodity-heavy index, as Rio Tinto (LON:RIO) dropped 0.63% and BHP Billiton (LON:BLT) declined 0.65%, while rival company Glencore (LON:GLEN) saw shares lose 0.71%.

In the financial sector, stocks were steady to lower. Shares in Lloyds Banking (LON:LLOY) and the Royal Bank of Scotland (LON:RBS) inched down 0.03% and 0.07% respectively, while Barclays (LON:BARC) slipped 0.16% and HSBC Holdings (LON:HSBA) fell 0.26%.

Meanwhile, Sky Plc (LON:SKYB) was one of the top performers on the index, with shares up 2.77% following reports Comcast (NASDAQ:CMCSA) and Verizon have joined the pursuit for 21st Century Fox, which owns a 39% stake in the British company.

In the U.S., equity markets pointed to a mixed open. The Dow Jones Industrial Average futures pointed to a 0.06% dip, S&P 500 futures signaled a 0.11% fall, while the Nasdaq 100 futures indicated a 0.08% gain.

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