Europe stocks erase gains on economy fears; DAX down 0.09%
Investing.com
Published Aug 16, 2010 05:54AM ET
During European morning trade, the EURO STOXX 50 fell 0.78%; France’s CAC 40 declined 0.76% while Germany's DAX fell 0.09%.
Earlier in the day, official data showed that Japans gross domestic product expanded less-than-expected in the second quarter, expanding 0.1% after expanding by a revised 1.1% in the first quarter.
Lenders emerged as the worst performers with shares in Allied Irish Bank tumbling 2.68% while shares in Bank of Ireland plummeted 6.10%.
Meanwhile, Frances largest lender, BNP Paribas lost 1.69% while Spanish bank Santander fell 2.66%.
But shares in Indian mining company Vedanta Resources gained 3.85% after it was reported the company had acquired a majority stake in Scottish oil-exploration firm Cairn Energy. Shares in Cairn Energy rose 2.88% following the announcement.
Earlier in the day, official data showed that consumer price inflation in the euro zone rose in line with expectations in July.
In London, the FTSE 100 was down 0.29% as shares in oil giant BP fell 1.91% after operations to permanently plug the leaking Gulf of Mexico oil well were suspended.
The outlook for U.S. equity markets, meanwhile, was pessimistic: Dow Jones Industrial Average futures indicated a loss of 0.22%, S&P 500 futures pointed to a drop of 0.29% and Nasdaq 100 futures indicated a decrease of 0.27%.
Later in the day, the U.S. was to release data on manufacturing activity in New York State as well as data on the balance of foreign and domestic investment in the U.S.
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Written By: Investing.com
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