European stocks mixed to lower ahead of EU talks, Fed; Dax down 0.11%
Published May 22, 2013 03:44AM ET
During European morning trade, the EURO STOXX 50 eased up 0.05%, France’s CAC 40 dipped 0.06%, while Germany’s DAX 30 edged down 0.11%.
Investors remained cautious ahead testimony at the U.S. Joint Economic Committee by Ben Bernanke, amid speculation over whether the U.S. central bank will begin to scale back its asset purchase program this year.
The minutes of the Fed’s May meeting are to be released later in the trading day.
On Tuesday, St. Louis Fed President James Bullard said the Fed should continue its bond buying and make adjustments as the economy changes.
Financial stocks were broadly higher, as French lenders BNP Paribas and Societe Generale added 0.26% and 0.32%, while Germany's Deutsche Bank advanced 0.76%.
Peripheral lenders added to gains, with Spanish banks BBVA and Banco Santander edging up 0.14% and 0.55% respectively, while Italy's Unicredit and Intesa Sanpaolo jumped 1.03% and 1.12%.
In London, FTSE 100 slipped 0.27%, weighed by losses in mining stocks.
Mining giants BHP Billiton and Rio Tinto saw shares decline 0.10% and 1.03% respectively, while Anglo American shed 0.32%.
Adding to losses, William Morrison Supermarkets plummeted 2.21% after UBS AG placed shares on behalf of an international seller.
Meanwhile, financial stocks were mostly higher. The Royal Bank of Scotland added 0.20% and Barclays climbed 0.53%, while Lloyds Banking surged 2.37%.
HSBC Holdings underperformed on the other hand, retreating 0.54%.
In the U.S., equity markets pointed to a higher open. The Dow Jones Industrial Average futures pointed to a 0.14% rise, S&P 500 futures signaled a 0.16% gain, while the Nasdaq 100 futures indicated a 0.16% increase.
European Union leaders were to hold an economic summit in Brussels later in the day, while the U.S. was to release data on existing home sales.
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Written By: Investing.com
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