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European stocks open lower in cautious trade; DAX down 0.40%

Stock MarketsJan 11, 2017 03:33AM ET
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Investing.com - European stocks opened lower on Wednesday, as markets were jittery ahead of a speech by U.S. President-elect Donald Trump scheduled later in the day.

During European morning trade, the EURO STOXX 50 retreated 0.59%, France’s CAC 40 slid 0.47%, while Germany’s DAX 30 declined 0.40%.

Investors remained cautious as Donald Trump was due to make his first speech on Wednesday since his victory in November.

Market participants were waiting for further information on Trump’s future economic policies.

Financial stocks were broadly lower, as French lenders BNP Paribas (PA:BNPP) and Societe Generale (PA:SOGN) dropped 0.51% and 0.68%, while Germany’s Commerzbank (DE:CBKG) slipped 0.26%.

Among peripheral lenders, Italy’s Intesa Sanpaolo (MI:ISP) and Unicredit (MI:CRDI) tumbled 1.13% and 2.16% respectively, while Spanish banks Banco Santander (MC:SAN) and BBVA (MC:BBVA) lost 0.06% and 0.68%.

Airbus Group (PA:AIR) added to losses, with shares down 0.64%, as the aircraft manufacturer was set to present its 2016 performance at a press conference later Wednesday morning.

Elsewhere, Volkswagen (DE:VOWG_p) climbed 0.57% after the German carmaker reached a $4.3 billion draft settlement deal with U.S. authorities over the emission scandal.

In London, FTSE 100 slipped 0.16%, led by Foxtons (LON:FOXT), whose shares dove 9.09%, after the estate agency said it expects core earnings to be less than half of a lower-than-expected £25 million in 2016, as sales dropped due to the Brexit vote and tax increases.

Meanwhile, mining stocks added to losses on the commodity-heavy index. Shares in BHP Billiton (LON:BLT) declined 0.43% and Rio Tinto (LON:RIO) retreated 0.71%, while Fresnillo (LON:FRES) tumbled 1.33%.

On the upside, J Sainsbury PLC (LON:SBRY) saw shares surge 5.37% after the supermarket chain reported a slight growth in sales in its third quarter, which included the Christmas period.

U.K. housebuilder Taylor Wimpey (LON:TW) added 0.17% after saying that it expects a full-year profitability close to the upper end of market expectations.

In the financial sector, stocks were mixed. Shares in HSBC Holdings (LON:HSBA) and Lloyds Banking (LON:LLOY) gained 0.42% and 0.45% respectively, while Barclays (LON:BARC) slid 0.47% and the Royal Bank of Scotland (LON:RBS) dropped 0.71%.

In the U.S., equity markets pointed to a moderately lower open. The Dow Jones Industrial Average futures pointed to a 0.09% slip, S&P 500 futures showed a 0.15% fall, while the Nasdaq 100 futures indicated a 0.11% loss.

European stocks open lower in cautious trade; DAX down 0.40%
 

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