European stocks mixed to lower after EU bank agreement; Dax down 0.14%
Published Jun 27, 2013 03:39AM ET
During European morning trade, the EURO STOXX 50 declined 0.47%, France’s CAC 40 retreated 0.49%, while Germany’s DAX 30 edged down 0.14%.
Early Thursday, EU finance ministers agreed on a deal about future bank bailouts and who is liable to pay for them. According to the new rules, shareholders, bondholders and depositors with more than EUR100,000 should share the burden of saving a bank.
The deal came after European Central Bank President Mario Draghi said Wednesday that monetary policy will remain accommodative for the foreseeable future.
Meanwhile, investors remained cautious amid expectations that the Federal Reserve will start to unwind its asset purchase program later this year, despite a downward revision to U.S. first quarter growth on Wednesday.
Financial stocks were mixed. In France, BNP Paribas eased 0.06% and Societe Generale declined 0.63%, while Germany's Deutsche Bank gained 0.45%.
Among peripheral lenders, Spanish banks Banco Santander and BBVA tumbled 0.79% and 1.06% respectively, while Italy's Intesa Sanpaolo and Unicredit trended added 0.08% and 0.16%.
Elsewhere, Repsol plummeted 1.36% after its board rejected a USD3.5 billion offer by Argentina to compensate the company for the expropriation of a stake in YPF SA last year.
In London, commodity-heavy FTSE 100 added 0.19%, supported by gains in mining stocks.
Mining giants Rio Tinto and BHP Billiton advanced 0.62% and 0.78% respectively, while Anglo American and Glencore rallied 1.27% and 2.50%.
Meanwhile, U.K. lenders trended broadly lower. HSBC Holdings and Lloyds Banking slipped 0.15% and 0.26%, while Barclays and the Royal Bank of Scotland dropped 0.87% and 1.14%.
In the U.S., equity markets pointed to a steady open. The Dow Jones Industrial Average futures pointed to a 0.08% gain, S&P 500 futures signaled a 0.07% increase, while the Nasdaq 100 futures indicated a 0.06% rise.
The U.S. was to release the weekly government report on initial jobless claims and a report on pending home sales later Thursday, while Germany was to produce data on unemployment and import prices.
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Written By: Investing.com
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