European stocks mixed ahead of E.Z. GDP data; DAX down 0.10%

Stock market

European stocks were mixed on Friday, as markets were jittery ahead of the release of economic growth data from the euro zone later in the trading session, as well as a batch of U.S. reports.

During European morning trade, the EURO STOXX 50 inched up 0.03%, France’s CAC 40 dipped 0.01%, while Germany’s DAX 30 slipped 0.10%.

Earlier Friday, data showed that Germany’s gross domestic product rose 0.4% in the second quarter, exceeding expectations for a growth rate of 0.2%. Germany’s GDP increased by 0.7% in the three months to March.

Elsewhere, official data showed that China’s industrial production rose by an annualized rate of 6.0% in July, compared to expectations for a 6.1% increase and after a 6.2% gain in June.

Another report showed that the country’s retail sales rose by an annualized rate of 10.2% last month, confounding expectations for a 10.5% increase.

The data added to concerns over a slowdown in the world’s second largest economy.

Financial stocks were broadly higher, as French lenders BNP Paribas (PA:BNPP) andSociete Generale (PA:SOGN) rose 0.20% and 0.16%, while Germany’s Deutsche Bank(DE:DBKGn) and Commerzbank (DE:CBKG) added 0.16% and 0.49%.

Among peripheral lenders, Italy’s Intesa Sanpaolo (MI:ISP) and Unicredit (MI:CRDI) gained 0.41% and 0.86% respectively, while Spanish banks BBVA (MC:BBVA) and Banco Santander (MC:SAN) advanced 0.23% and 0.21%.

Thyssenkrupp AG (DE:TKAG) pared the previous session’s losses and climbed 0.98%. The German industrial conglomerate was hit on Thursday after reporting a 34% drop in net profit for the third quarter of its fiscal 2016.

On the downside, Deutsche Telekom (DE:DTEGn) retreated 0.63% after saying on Thursday that second-quarter core profit increased by 8.6%.

In London, commodity-heavy FTSE 100 dipped 0.05%, weighed by losses in the mining sector.

Shares in Glencore (LON:GLEN) slid 0.36% and Randgold Resources (LON:RRS) lost 1.22%, while rival company Fresnillo (LON:FRES) tumbled 1.42%.

In the financial sector, stocks were mixed. Lloyds Banking (LON:LLOY) fell 0.27% andHSBC Holdings (LON:HSBA) declined 0.34%, while the Royal Bank of Scotland (LON:RBS) gained 0.46% and Barclays (LON:BARC) advanced 0.77%.

In the U.S., equity markets pointed to a steady open. TheDow Jones Industrial Average futures pointed to a 0.03% rise, S&P 500 futures showed a 0.01% uptick, while the Nasdaq 100 futures indicated a 0.02% gain.

Source by Investing.com