European Stocks Mixed in Cautious Trading

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European stocks were mixed in cautious trade on Wednesday amid a rare credit downgrade for China and the rising security condition in United Kingdom, wherein Prime Minister Theresa May raised the level of terrorist threat to “critical” last night and warned that a new attack is possibly imminent, keeping investors in a caution mood as markets were still recovering from the Manchester bombing.

The region-wide Stoxx Europe 600 index held onto a modest 0.14% gain to 392.59 while the Euro Stoxx 50 fell 0.19% to 3590.50. But regional benchmarks, including France’s CAC 40 and Germany’s DAX 30 performance index both edged down modestly, 0.11% to 5,342.35 and 0.2% to 12,633.25 respectively.

Financial stocks were mixed as well,  as BNP Paribas surged 0.66% to 66.62, and Societe Generale added up 0.54% to 50.27, while Commerzbank slipped 0.16% to 9.605, as well as Deutsche Bank at 0.82% to 16.980.

Among peripheral lenders, Italy’s Intesa Sanpaolo dropped 0.82% to 2.670. Unicredit, however, edged back up 0.18% to 16.9000. Spanish banks BBVA slipped 0.28% to 7.458, while Banco Santander surged 0.24% to 5.851.

Elsewhere, Daimler AG NA O.N. saw decline in shares 2.5% to 65.510 after German prosecutors said they would look for 11 offices and sites of the company as part of an investigation into possible diesel emissions fraud.

On the downside, Nokia slipped back 1.53% to 5.785 after jumping 1.01% following its agreement with Apple in regards to a number of the Finnish company’s patents, with many pertaining to healthcare and fitness products.

 

In London, FTSE 100 went up 0.35% to 7,511.75, weighed by Kingfisher, whose shares plummeted 6.68% after the company reported a first-quarter decline in sales due to a slowdown in its French market.

Babcock International Group PLC rallied back, as shares were barely up 0.05% to 968.00, as the infrastructure company reported a 9.7% climb in pre-tax profit to £362.1 million for the financial year ended March 31.

Marks and Spencer Group PLC was also on the positive side, with shares going up 2% to 394.60, even after the retailer announced a 64% decline in annual profit.

Mining stocks were mostly lower on the commodity-heavy index. Shares in Glencore retreated 1.35% and Randgold resources tumbled 0.76% to 7190.00, while Fresnillo and Rio Tinto plummeted 0.63% and 0.89% respectively.

In the financial sector, stocks were broadly higher as HSBC Holdings edged up 0.43% to 669.80 and Lloyds Banking rose 1.23% to 73.05, while the Royal Bank of Scotland climbed 1.74% to 269.30, as well as Barclays with shares went back up 0.61% to 215.59.

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