The German market is modestly lower in afternoon trading Friday, as sentiment in the region remained impacted by apprehension that peripheral nations are facing a dicey fiscal situation. The Asian markets ended mostly lower and the U.S. futures indicate a weak open.
Eurozone finance ministers are expected to approve an agreement on the proposed financial assistance to Spain to recapitalize its troubled banks. The group will hold a conference call on Friday at Brussels to finalize the details of the 100 billion euros bailout deal for Spanish banks struck last month.
The Euro Stoxx 50 index of eurozone bluechip stocks is falling 1.00 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, is losing 0.60 percent.
The DAX index is currently losing 0.33 percent.
RWE is falling 2.5 percent and peer E.ON is losing 1.2 percent. UBS cut RWE to "Sell" from "Neutral."
Leoni is losing 1.2 percent after the stock was downgraded at Kepler.
Deutsche Wohnen is declining nearly 3 percent. Merrill Lynch reduced its rating on the stock.
Daimler is leading the gainers by adding 2.4 percent. BMW and Volkswagen are advancing 1.2 percent and 0.9 percent, respectively.
Heidelberger Druckmaschinen is advancing 1.8 percent. Berenberg raised the stock to "Buy" from "Hold."
Elsewhere in Europe, the French CAC 40 is losing 0.69 percent and the UK's FTSE 100 is falling 0.48 percent. Switzerland's SMI is sliding 0.30 percent.
In economic news, Germany's producer price inflation eased more-than-expected in June to its lowest level in two years, the Federal Statistical Office said.
Across Asia/Pacific, markets ended mostly lower. Australia's All Ordinaries slipped 0.14 percent, China's Shanghai Composite Index lost 0.74 percent and Japan's Nikkei 225 retreated 1.4 percent. However, Hong Kong's Hang Seng gained 0.42 percent.
In the U.S., futures point to a lower open on Wall Street. In the previous session, the major averages ended the day in positive territory, although the Nasdaq outperformed its counterparts. While the Nasdaq advanced 0.8 percent, the Dow and the S&P 500 climbed 0.3 percent each.
In the commodity space, crude for August delivery is losing $1.21 to $91.45 per barrel and August gold is rising $0.6 to $1581.0 a troy ounce.
by RTT Staff Writer
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