By Polya Lesova, MarketWatch
LONDON (MarketWatch) — European stocks declined early Friday, as traders opted for caution ahead of the release of bank stress test results later this afternoon.
The pan-European Stoxx 600 index XX:SXXP -0.38% fell 0.4% to 265.68 in morning trade, putting it on track for weekly losses of 2.6%.
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France’s CAC 40 index FR:PX1 -0.42% dropped 1.2% to 3,707 and Germany’s DAX 30 index DX:DAX -0.32% retreated 1% to 7,139.8 as banking shares moved broadly lower. The European Banking Authority will publish the results of its bank stress tests after European equity markets close.
Shares of BNP Paribas FR:BNP -0.85% slipped 2.3% in Paris and those of Commerzbank DE:CBK -1.36% fell 2.9% in Frankfurt. ING Group NL:INGA -1.16% dropped 1.9% in Amsterdam.
In the technology sector, shares of STMicroelectronics FR:STM -2.43% STM -1.83% slipped 2.8% in Paris after Morgan Stanley downgraded the firm to equalweight from overweight.
The broker also reiterated its equalweight rating on Infineon Technologies AGDE:IFX -2.38% , whose shares dropped 2.2%.
The U.K.’s FTSE 100 index UK:UKX -0.14% declined 0.7% to 5,806.6, as shares of BHP Billiton PLC UK:BLT -1.93% BHP -1.87% fell 2.3% after the mining giant said it will acquire Petrohawk Energy Corp. HK -1.84% for $12.1 billion in cash.
Polya Lesova is chief of MarketWatch’s London bureau.
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