European stocks push lower after German data; Dax tumbles 1.58%
Published May 29, 2013 07:15AM ET
During European afternoon trade, the EURO STOXX 50 plummeted 1.26%, France’s CAC 40 plunged 1.35%, while Germany’s DAX 30 tumbled 1.58%.
Official data earlier showed that the number of people out of work in Germany rose by 21,000 in May, much more than the 5,000 increase expected. Germany’s unemployment rate was unchanged at 6.9%, in line with expectations.
In the U.S., data on Tuesday showed that consumer confidence rose to the highest level since February 2008 in the current month, while the Case-Shiller U.S. home price index posted its biggest increase since April 2006.
Financial stocks remained broadly lower, as French lenders BNP Paribas and Societe Generale tumbled 1% and 2.26%, extending earlier losses, while Germany's Deutsche Bank retreated 0.69%.
Elsewhere, H&M plummeted 2.26% after Goldman Sachs downgraded its rating on the stock to "sell" from "neutral", saying the retailer's profitability will suffer as customers shift to online shopping.
Adding to losses, French car maker Peugeot saw shares slump 1.39% following reports the company may sell new shares to raise cash.
In London, FTSE 100 retreated 1.44%, as U.K. lenders continued to track their European counterparts lower.
Shares in Lloyds Banking dropped 0.46% and Barclays slid 0.56%, while the Royal Bank of Scotland and HSBC Holdings tumbled 0.96% and 1.69%.
Also on the downside, De La Rue, a supplier of cash-handling equipment and security products, plunged 2.08%, after saying revenue declined to GBP484 million in the full year through March, less than the GBP509 million profit estimate.
Meanwhile, mining stocks turned broadly higher, as BHP Billiton and Rio Tinto gained 0.70% and 1.24% respectively, while Anglo American and Eurasian Natural Resources jumped 1.07% and 3.39%.
In the U.S., equity markets pointed to a lower open. The Dow Jones Industrial Average futures pointed to a 0.40% decline, S&P 500 futures signaled a 0.47% slump, while the Nasdaq 100 futures indicated a 0.37% loss.
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Written By: Investing.com
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