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European stocks mixed ahead of Greece emergency meeting; Dax up 0.06%

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Investing.com -

Investing.com - European stocks were mixed on Wednesday, as markets were jittery amid ongoing concerns over Greece's future in the euro zone.

During European morning trade, the EURO STOXX 50 fell 0.20%, France's CAC 40 slid 0.35%, while Germany's DAX 30 inched up 0.06%.

Investors remained cautious following reports the European Commission could propose a six-month extension to Greece's existing bailout program at an emergency meeting of the euro group of finance ministers, due to take place later in the day.

Athens is expected to ask for a bridge loan to cover its funding needs until September, and to also propose new economic reforms to replace some of the harshest austerity conditions attached to its bailout.

However, German Finance Minister Wolfgang Schaeuble dampened hopes Wednesday morning, by saying there are no plans to discuss a new agreement.

Financial stocks were mixed, as French lendersSociete Generale andBNP Paribas gained 0.22% and 0.41%, whileDeutsche Bank slipped 0.28% and Commerzbank added 0.17% in Germany.

Among peripheral lenders, Unicredit declined 0.41% andIntesa Sanpaolo rose 0.19% in Italy, while Spanish banksBanco Santander and BBVA lost 0.09% and 0.51% respectively

Elsewhere,Telenor (OSLO:TEL) plummeted 4.79% after the Nordic region's largest phone operator forecast a margin of no more than 35% of sales for this year, down from 35.4% in 2014.

In London, commodity-heavy FTSE 100 eased 0.07%, weighed by losses in energy and mining stocks.

Oil and gas majorBP (LONDON:BP) saw shares tumble 1.19%, while rivalTullow Oil (LONDON:TLW) plunged 3.68% after reporting a loss in 2014 due to declining oil prices. The company also suspended its dividend.

Meanwhile, mining giantsRio Tinto andBhp Billiton dropped 0.77% and 1.71% respectively, whileAnglo American saw shares plummet 2.05%.

In the financial sector, stocks were also broadly lower. Shares inHSBC Holdings and the Royal Bank of Scotland retreated 0.49% and 0.52% respectively, while Lloyds Banking lost 0.71% andBarclays declined 0.95%.

On the upside,Reckitt Benckiser Group (LONDON:RB) led gains on the index, with shares surging 3.76% after the consumer-products maker announced a new cost-saving plan to counter difficult market conditions.

In the U.S., equity markets pointed to a steady to lower open. The Dow Jones Industrial Average futures pointed to a 0.05% dip, S&P 500 futures signaled a 0.09% loss, while the Nasdaq 100 futures indicated a 0.03% downtick.

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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.


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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