European shares start lower amid mixed earnings reports
On Tuesday, European stocks started trading lower, following mixed earnings posts from several European lenders as well downbeat manufacturing activity news from China.
The Euro Stoxx 50 went down 1% during European morning trading session. Meanwhile, German DAX 30 slumped 1.5%, while French CAC 40 edged down 0.92%.
Data disclosed that in April China’s Caixin manufacturing purchasing manager’s index dropped to 49.4, compared to the previous reading of 49.9.
The weak data contributed to worries regarding slowdown in the number two economy.
Financial stocks showed mixed performance. Societe Generale dropped 0.42%, BNP Paribas grew 2.96%, while Commerzbank and Deutsche Bank dipped 5.40% and 2.03% respectively.
By the way, BNP Paribas previously reported a 10% surge in the first quarter net revenue, thus ruining experts’ expectations. Commerzbank posted a 52% year-on-year dip in the first quarter net profit.
As for peripheral lenders, Italian Unicredit went up 0.31%, Intesa Sanpaolo surged 0.59%, while Spanish banks as well as Banco Santander lacked 0.76% and 1.10% respectively.