European stocks were mixed early Tuesday as political concerns linked to elections in France and Italy and disappointing economic data from Germany weighed on sentiment.
The region-wide Stoxx Europe 600 Index nudged 0.08% higher to trade at 361.90 points by 08:50 GMT, with Britain's FTSE 100 rising 0.39% on the strength of basic resource stocks. Benchmarks in Germany and France, however, drifted lower after worse-than-expected fourth quarter earnings from BNP Paribas SA (BNPQY) and a steep decline in industrial production in Europe's biggest economy.
The euro traded 0.75% lower in early European dealing against the U.S. dollar and was marked at 1.0669 at 08:50 GMT, the lowest level since Jan. 30, after industrial production in Germany fell 3% from the previous month, the biggest decline in nearly eight years.
"Orders in manufacturing and construction and also sentiment indicators in these sectors are signalling a revival of output growth in coming months," the Economy Ministry said in a statement alongside the release, and Monday's factory orders data, which increased at the fastest pace in two and a half years, likely supports that case.
BNP Paribas led stocks in Paris lower Tuesday after it posted a rise in fourth quarter profit but missed analysts' forecast as low interest rates and a "lacklustre" trading environment held down earnings.
France's biggest bank said net income for the final three months of 2016 came in at €1.44 billion, more than double the €665 million posted in the fourth quarter of 2015, but shy of the €1.5 billion anticipated by analysts Revenues for the final quarter totalled €10.66 billion, the bank said, slightly ahead of analysts' forecast of €10.48 billion.
