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European stocks steady to lower after Thursday rally; Dax down 0.32%

Published 08/28/2015, 03:40 AM
Updated 08/28/2015, 03:40 AM
© Reuters.  European stocks inch lower as global markets cool

© Reuters. European stocks inch lower as global markets cool

Investing.com - European stocks were steady to lower on Friday, as markets took a breather after Thursday's broad rally and as they continued to recovered from the broad sell-off sparked earlier in the week.

During European morning trade, the EURO STOXX 50 eased 0.04%, France’s CAC 40 inched 0.03% lower, while Germany’s DAX 30 slid 0.32%.

Global equities were boosted after the Commerce Department reported on Thursday that U.S. gross domestic product grew at an annual rate of 3.7% in the three months ending June 30, above expectations for growth of 3.2%.

The upbeat U.S. data added to optimism over the perspective for global economic growth, while concerns over volatility in Asian markets continued to subside. Shares in Shanghai opened higher on Friday, after closing over 5% the day before.

Financial stocks were mixed, as French lenders BNP Paribas (PARIS:BNPP) and Societe Generale (PARIS:SOGN) rose 0.25% and 0.10%, while Germany's Deutsche Bank (XETRA:DBKGn) and Commerzbank (XETRA:CBKG) slid 0.47% and 0.83%.

Among peripheral lenders, Italy's Unicredit (MILAN:CRDI) and Intesa Sanpaolo (MILAN:ISP) lost 0.04% and 0.24% respectively, while Spanish banks BBVA (MADRID:BBVA) and Banco Santander (MADRID:SAN) gained 0.36% and 1.45%.

Elsewhere, Hermes International SCA (PARIS:HRMS) saw shares drop 0.59% after the French luxury goods maker posted a 20% rise in first-half operating income

In London, FTSE 100 dipped 0.01%, although the energy and mining sectors limited losses.

Mining giants Fresnillo (LONDON:FRES) and Rio Tinto (LONDON:RIO) jumped 1.16% and 1.38% respectively, while Bhp Billiton (LONDON:BLT) rallied 2.15% and Glencore (LONDON:GLEN) surged 3.27%.

Oil and gas giant Royal Dutch Shell (LONDON:RDSa) added to gains, with shares up 2.09%, while rival company BP (LONDON:BP) advanced 1.41%.

In the financial sector, stocks were steady to lower. The Royal Bank of Scotland (LONDON:RBS) inched up 0.01% and Lloyds Banking (LONDON:LLOY) added 0.05%, while HSBC Holdings (LONDON:HSBA) and Barclays (LONDON:BARC) lost 0.23% and 0.70% respectively.

Meanwhile, Tesco (LONDON:TSCO) shares declined 0.65% as the company's former chief executive Philip Clarke was set to be questioned by the Serious Fraud Office in an investigation into multi-million-pound accounting scandal.

In the U.S., equity markets pointed to a lower open. The Dow Jones Industrial Average futures pointed to a 0.34% decline, S&P 500 futures signaled a 0.41% drop, while the Nasdaq 100 futures indicated a 0.18% loss.

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