Yahoo Finance Stocks - European Markets Open Lower, Fresh Earnings on Tap
Investing.com - European markets opened lower on Tuesday, weighed by downbeat sentiment in the U.S. and Asia overnight and as investors remained cautious before a fresh batch of corporate earnings reports.
The EURO STOXX 50 slipped 0.28%, France’s CAC 40 fell 0.11%, while Germany’s DAX 30 eased down 0.33% by 03:30 a.m. ET (07:30 GMT).
U.S. and Asian markets were pressured lower overnight amid growing caution as U.S. President Donald Trump was set speak to Congress in his first official State of the Union address.
Market participants were also looking ahead to the Federal Reserve's upcoming policy decision on Wednesday for potential indications on the pace of interest rate hikes this year. The U.S. central bank is widely expected to raise rates three times in 2018.
Financial stocks were mixed, as French lenders BNP Paribas (PA:BNPP) and Societe Generale (PA:SOGN) dropped 0.54% and 0.85%, while Deutsche Bank (DE:DBKGn) lost 1.39% and Commerzbank (DE:CBKG) added 0.15% in Germany.
Among peripheral lenders, Italy's Unicredit (MI:CRDI) edged up 0.17% and Intesa Sanpaol retreated 0.64%, while Spanish banks BBVA (MC:BBVA) and Banco Santander (MC:SAN) tumbled 0.90% and 1.21% respectively.
In earnings news, Koninklijke Philips NV (AS:PHG) reported a 9% increase in fourth-quarter adjusted profit. However, shares in the Dutch company were still down 2.51% in early European trade.
ArcelorMittal SA (AS:MT) added to losses, with shares down 0.99%. The Economic Times reported over the weekend that it and Japan's Nippon Steel are planning to put in a joint bid for bankrupt steelmaker Essar Steel.
In London, the commodity-heavy FTSE 100 slid 0.37%, weighed sharp losses in the mining sector.
Shares in Antofagasta (LON:ANTO) lost 1.41% and Glencore (LON:GLEN) tumbled 1.56%, while BHP Billiton (LON:BLT) and Anglo American (LON:AAL) plummted 1.56% and 2.61% respectively.
Financial stocks were also on the downside, as HSBC Holdings (LON:HSBA) declined 0.30% and Lloyds Banking (LON:LLOY) slumped 0.94%, while Barclays (LON:BARC) and the Royal Bank of Scotland (LON:RBS) lost 1.03% and 1.60% respectively.
Meanwhile, BAE Systems (LON:BAES) was one of the top performers on the index, with shares up 1.02%, closely followed by Royal Mail (LON:RMG) whose shares climbed 0.88%.
Late last week, Royal Mail said it reached an agreement with its main trade union following a fight over pensions, pay and working conditions.
In the U.S., equity markets pointed to a lower open. The Dow Jones Industrial Average futures pointed to a 0.54% drop, S&P 500 futures signaled a 0.34% slide, while the Nasdaq 100 futures indicated a 0.40% decline.
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