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European stocks mixed ahead of U.S. data; Dax down 0.36%

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Investing.com -

Investing.com - European stocks opened mixed on Friday, as investors turned their focus to the U.S. nonfarm payrolls report due later in the day amid uncertainty over how much the Federal Reserve will be able to raise interest rates this year.

During European morning trade, the EURO STOXX 50 fell 0.13%, France's CAC 40 rose 0.21%, while Germany's DAX 30 slid 0.36%.

Markets were jittery after New York Federal Reserve President William Dudley said on Wednesday that the weakening outlook for the global economy and any further strengthening of the dollar could have "significant consequences" for the health of the U.S. economy.

Investors were looking ahead to the U.S. nonfarm payrolls report for January, due later Friday, for fresh indications on the strength of the labor market.

In the euro zone, data earlier showed that German factory orders fell by 0.7% in December, compared to expectations for a downtick of 0.5%, after a 1.5% increase the previous month.

Financial stocks were mixed, with French lenders Societe Generale (PA:SOGN) and BNP Paribas (PA:BNPP) gained 0.31% and 3.42%, while Germany's Commerzbank (DE:CBKG) and Deutsche Bank (DE:DBKGn) lost 0.11% and 0.85%.

BNP Paribas earlier reported a 51.7% drop in fourth quarter net income and announced plans to cut costs in its investment banking division.

Among peripheral lenders, Italy's Unicredit (MI:CRDI) and Intesa Sanpaolo (MI:ISP) retreated 0.37% and 0.48% respectively, while Spanish banks BBVA (MC:BBVA) and Banco Santander (MC:SAN) climbed 0.57% and 1.42%.

Elsewhere, Volvo, AB ser. A (ST:VOLVAs) edged down 0.13% after the Swedish automaker reported operating profit and sales just below expectations and cut its outlook for deliveries of heavy duty trucks in North America and Brazil.

ArcelorMittal SA (AS:ISPA) added to losses, with shares plunging 8.49% as the company said it was planning to launch a $3 billion capital increase after its fourth-quarter net loss widened from a year ago due to declining steel prices.

In London, FTSE 100 edged up 0.14%, helped by Kingfisher (L:KGF), up 1.75% after the retailing company bought back 1,600,000 ordinary shares on Thursday.

Meanwhile, mining stocks were broadly lower on the commodity-heavy index. Shares in Rio Tinto (L:RIO) and Anglo American (L:AAL) plummeted 2.10% and 2.19% respectively, while Glencore (L:GLEN) lost 3.29%.

In the financial sector, stocks were also on the downside. Shares in HSBC Holdings (L:HSBA) eased 0.07% and the Royal Bank of Scotland (L:RBS) slipped 0.12%, while Lloyds Banking (L:LLOY) dropped 0.65% and Barclays (L:BARC) tumbled 1.47%.

In the U.S., equity markets pointed to a lower open. The Dow Jones Industrial Average futures pointed to a 0.12% fall, S&P 500 futures a 0.16% slip, while the Nasdaq 100 futures indicated a 0.17% loss.

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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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