European Markets Finished With Mixed Results In Choppy Trade

(RTTNews) - The European markets ended Wednesday's session with mixed results. The markets fluctuated between small gains and losses in choppy trading action. However, the markets did not stray too far from the flat line in either direction, as trading activity remains subdued following the Christmas holiday.

Italian bank stocks were under pressure Wednesday. The European Central Bank said yesterday that troubled Italian lender Monte dei Paschi di Siena needs about an EUR 8.8 billion, or $9.2 billion, bailout.

It was previously estimated that the world's oldest surviving bank required EUR 5 billion to deal with a capital shortfall. The lender failed to raise the amount within the time provided by the ECB. Banca Monte dei Paschi di Siena, the world's first bank, remained suspended in Milan.

The pan-European Stoxx Europe 600 index advanced 0.22 percent. The Euro Stoxx 50 index of eurozone bluechip stocks increased 0.01 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, added 0.25 percent.

The DAX of Germany climbed 0.02 percent, but the CAC 40 of France fell 0.01 percent. The FTSE 100 of the U.K. gained 0.54 percent, but the SMI of Switzerland finished lower by 0.03 percent.

In Frankfurt, Volkswagen slipped 0.18 percent after its subsidiary Volkswagen Financial Services acquired Canadian parking payment app PayByPhone for an undisclosed amount.

In Paris, Sanofi dipped 0.09 percent after it sued Novo Nordisk over its statements concerning Lantus and Toujeo drugs, used to treat diabetes.

Airbus said in July that it will cut annual production of the A380 aircraft by more than half, acknowledging that demand for the plane has fallen far short of original projections. The stock declined by 0.32 percent.

In London, Bovis Homes dropped 5.14 percent after saying it had built fewer homes than expected at the end of this year.

Sports Direct International climbed 2.28 percent. The discount chain is selling its rights to the Dunlop brand and related wholesale and licensing businesses to Sumitomo Rubber Industries for a cash consideration of $137.5 million.

BP Plc added 1.11 percent after the oil giant agreed to buy Woolworths' fuels business for 1.785 billion Australian dollars.

Lavendon advanced 2.23 percent as Loxam announced an increased recommended all cash offer of 260 pence per share for the entire issued and to be issued share capital of the cherry-picker rental company.

Germany's public debt increased in the third quarter from the end of 2015, data from Destatis showed Wednesday.

The debt owed by the overall public budget to the non-public sector totaled EUR 2,031.4 billion at the end of the third quarter.

Spanish retail sales growth was faster-than-expected pace in November, after slowing in the previous month, figures from the statistical office INE showed Wednesday.

Retail sales rose a calendar- and seasonally-adjusted 3.3 percent year-on-year, the fastest in three months, following a 2.1 percent increase in October, revised from 2.2 percent. Economists had forecast 2.7 percent gain.

Italy's consumer confidence improved in December to the strongest level in five months, survey data from the statistical office Istat showed Wednesday. The consumer confidence index rose to 111.1 in December from 108.1 in November, which was revised up from 107.9. Meanwhile, economists had expected the index to fall to 107.5.

U.K. mortgage approvals declined for the first time in three months, defying expectations for further increase, figures from the British Bankers' Association, or BBA, revealed Wednesday.

The number of loans approved for house purchase fell to 40,659 from a revised 40,835 in October. Economists had forecast a higher figure of 41,500.

With an upswing in mortgage rates and a lack of inventory dispiriting some would-be homebuyers, the National Association of Realtors released a report on Wednesday unexpectedly showing a sharp pullback in U.S. pending home sales in the month of November.

NAR said its pending home sales index tumbled by 2.5 percent to 107.3 in November after inching up by 0.1 percent to a revised 110.0 in October. The steep drop in pending home sales came as a surprise to economists, who had expected pending sales to climb by 0.5 percent.