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European Equity Benchmarks Close Mixed With Airline Stocks Up, Banks Down

The broad-based major European indices closed mixed in Tuesday's trading session, as investors favored airline stocks and mining companies over banks and tech firms.

In economic news, industrial production fell 0.3% in the euro area (EA19) and 0.2% in the EU28 in February compared with January, according to estimates from Eurostat, the statistical office of the European Union. In January, industrial production gained 0.3% in both zones. Industrial production increased 1.2% in the euro area and 2.1% in the EU28 compared with February 2016.

The largest decreases in industrial production were registered in Ireland (-15.5%), France (-1.6%) and Croatia (-1.5%), and the highest increases in Bulgaria and Slovenia (both +3.6%), Hungary (+3.4%) and Latvia (+3.2%).

In the U.K., the consumer prices index 12-month inflation rate was 2.3% in March, unchanged from February, according to the Office for National Statistics ( ONS ). The ONS also reported that average house prices in the U.K. have increased 5.8% in the year to February, up from 5.3% in the year to January. However, this is still below the average annual house price growth seen in 2016 of 7.3%.

Employers in the German industry and the support services sector paid an average of EUR33.40 euros ($35.40) per hour worked in 2016, according to the Federal Statistical Office (Destatis). Destatis also reports that Germany ranked seventh within the E.U. in terms of the labor cost level. Compared with the E.U. average of EUR25.70, German employers paid 30% more per hour worked. Denmark had the highest labor costs per hour worked at EUR43.40, while Bulgaria had the lowest at EUR4.40.

In equities, mining companies and airline stocks helped boost the FTSE in London as Randgold Resources and Fresnillo rose 4.8% and 4.4% respectively, while easyJet and International Consolidated Airlines Group gained 2.1% and 2% each.

In Frankfurt, Commerzbank and Deutsche Bank AG led the DAX lower, falling 1.8% and 1.3% respectively. Chemical company BASF, and semiconductor company Infineon Technologies, dropped 1.2% each, while pharmaceutical firm Merck was down 1%.

And in Paris, Steel and mining company ArcelorMittal led the CAC lower, falling 2%, followed by communications and information technology company Nokia, which was off 1.7%. Bank stocks also weighed down the CAC, as Societe Generale, Credit Agricole lost 1.2% each, while BNP Paribas declined 1%.

The FTSE rose 0.23%, the DAX fell 0.50%, and the CAC-40 lost 0.11%.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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