Europe close: Stocks end on mixed note, Mibtel, Ibex higher

European equity markets were under pressure on Wednesday, following downbeat sessions in Asia and the US, with bank stocks the worst performers.

The benchmark Stoxx Europe 600 index fell 0.44% to 374.03, Germany’s DAX retreated 0.48% to 11,904.12 and France’s CAC was 0.15% weaker at 4,994.70.

Nevertheless, Milan's FTSE Mibtel and Spain's Ibex 35 both managed higher closes.

The Stoxx Europe 600 Banks Index fell 0.80% and the Stoxx Europe 600 Basic Resources Index was up 0.06% after having earlier dropped by over one per cent.

The downturn in stocks came after yields on the 10-year US Treasury note dropped to three-week lows as investors grew concerned over US president Donald Trump’s ability to implement his fiscal promises following issues with his proposed healthcare plan.

Trump had promised to spend $1trn on infrastructure, lax financial regulation and tax cuts.

European banks were dragged lower by their US peers, with the Stoxx Europe 600 Banks Index down 1.40%.

Mike van Dulken, head of research at Accendo Markets, said: "Global equities are nursing losses as concerns about delays to US stimulus pull indices from recent highs.

"After four plus months of promises and two months in office, investors are worried that the Trump rally has gone too far on promises alone, now desiring some proof. Nonetheless falls of circa 2% are merely pullbacks, not yet corrections (10% fall)."

In currency markets, the euro was down 0.06% versus the dollar to 1.0812, and flat against the pound at 0.8663.

Meanwhile, Brent crude fell 0.77% to $50.57 a barrel and West Texas Intermediate was 0.65% lower at $47.93.

In corporate news, AzkoNobel fell 1.07% after the Dutch chemicals giant rejected a $24bn sweetened takeover offer by US rival PPG Industries.

Kingfisher dropped 5.09% after its annual results beat the City's profit forecasts thanks to strong growth from its Screwfix chain, but the company sounded a cautious note on its outlook.

Gemalto slumped 17.09% after the Amsterdam-based digital security provider slashed its outlook for 2017, telling shareholders to expect to see a decline in revenues.

ING fell 4.03% after the Dutch lender said it was facing a criminal investigation by authorities which could lead to significant penalties.