European stocks slip on Italy concerns; DAX down 0.17%
Investing.com
Published Nov 14, 2011 04:34AM ET
During European morning trade, the EURO STOXX 50 fell 0.23%, France’s CAC 40 advanced 0.46%, while Germany’s DAX 30 slipped 0.17%.
Investors were jittery ahead of a EUR3 billion Italian 5-year bond auction, in what was seen as a key test of investor confidence in Italian debt.
Over the weekend, Italy's president appointed former European Commissioner Mario Monti to head a new government charged with implementing urgent reforms to end a crisis that has endangered the whole euro zone.
The financial sector was broadly higher, led by Italian lenders as Intesa Sanpaolo saw shares surge 1.33% and Unicredit advanced 0.61%, while Ubi Banca soared 2.85%.
Meanwhile, shares in French lenders Societe Generale and BNP Paribas climbed 1.35% and 0.31%, while Germany's Deutsche Bank and Commerzbank advanced 0.34% and 0.68% respectively.
On the downside, German construction group Hochtief AG plunged 8.16% after saying that global economic and financial turmoil had caused delays in the sale of its airports operating business. The group added that it could report a loss for 2011 if the sales in that unit do not go through this year.
In London, FTSE 100 eased down 0.02%.
The financial sector was mixed, as shares in Lloyds Banking gained 0.09% and HSBC Holdings rose 0.24%, while the Royal Bank of Scotland and Barclays declined 0.40% and 1.35% respectively.
Energy stocks were also mixed. Mining giant Rio Tinto saw shares advance 0.15% and British Petroleum climbed 0.23%, while Bhp Billiton eased down 0.04%.
Meanwhile, copper producer Xstrata declined 0.15% while Kazakhmys advanced 0.54%.
Elsewhere, U.S. equity markets pointed to a mixed open. The Dow Jones Industrial Average futures pointed to a rise of 0.19%, S&P 500 futures signaled a 0.04% increase, while the Nasdaq 100 futures indicated a 0.09% decline.
Later in the day, the euro zone was to publish official data on industrial production.
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Written By: Investing.com
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