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European stocks turn broadly higher on positive data; Dax up 0.08%

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Investing.com -

Investing.com - European stocks turned broadly higher on Thursday, supported by positive euro zone industrial production data, although the World Bank's recent decision to lower its outlook for global economic growth continued to weigh on equity markets.

During European afternoon trade, the DJ Euro Stoxx 50 eased up 0.06%, France's CAC 40 rose 0.22%, while Germany's DAX edged 0.08% higher.

In a report, Eurostat said industrial production in the euro zone increased by 0.8% in April, above forecasts for a 0.4% gain. Industrial production in March was revised down to a decline of 0.4% from a previously reported drop of 0.3%.

Markets were still jittery after the World Bank on Tuesday said tensions in Ukraine and bad weather in the U.S. weighed on global economic expansion in the first half of 2014 and estimated the global economy would grow 2.8% this year, down from a previous forecast of 3.2% made in January.

Financial stocks turned higher, as French lenders Societe Generale (PARIS:SOGN) and BNP Paribas (PARIS:BNPP) rose 0.23% and 0.90%, while Germany's Deutsche Bank (XETRA:DBKGn) inched up 0.02%.

Among peripheral lenders however, Italy's Unicredit (MILAN:CRDI) and Intesa Sanpaolo (MILAN:ISP) slid 0.33% and 1.29% respectively, while Banco Santander (MADRID:SAN) dipped 0.04% and BBVA (MADRID:BBVA) added 0.20% in Spain.

Elsewhere, Airbus Group (PARIS:AIR) was up just 0.04% as the company was set to show its Airbus A380 to analysts and investors in New York on Thursday, including a promotional flight over the city, with hopes of enticing U.S. airlines.

The move came a day after Emirates canceled its entire order for A350 aircraft valued at $16 billion. The Dubai-based carrier had announced the deal in 2007 and the airliners were due for delivery from 2019.

In London, commodity-heavy FTSE 100 added 0.12%, although losses in energy and mining stocks still weighed.

Anglo American (LONDON:AAL) continued to lead losses on the index, with shares diving 3.29%. Mining giants Rio Tinto (LONDON:RIO) and Bhp Billiton (LONDON:BLT) weren't far behind, down 3.15% and 1.89% respectively, while rivals Antofagasta (LONDON:ANTO) and Vedanta Resources (LONDON:VED) lost 1.69% and 1.22%.

Sainsbury (LONDON:SBRY) also remained on the downside, tumbling 1.34%, after reporting on Wednesday the second straight drop in same-store sales after nine years of growth.

In the financial sector, stocks were still mixed. Shares in Barclays (LONDON:BARC) edged down 0.10% and the Royal Bank of Scotland (LONDON:RBS) dropped 0.57%, while HSBC Holdings (LONDON:HSBA) rose 0.27% and Lloyds Banking (LONDON:LLOY) gained 0.54%.

In the U.S., equity markets pointed to a steady open. The Dow 30futures pointed to a 0.06% uptick, S&P 500futures signaled a 0.08% gain, while the Nasdaq 100futures indicated a 0.08% rise.

Later in the day, the U.S. was to release the weekly report on initial jobless claims, in addition to data on retail sales and import prices.

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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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