Europe midday: Stocks fall despite strong banking results

European stocks markets remained in the red as the week came to a close, amid mixed results from the continent's banking behemoths and a rising euro.

The benchmark Stoxx 600 was down by 0.93% to 378.75, alongside a retreat of 0.54% to 12,145.55 for Germany's Dax and a 1.13% fall for the Cac-40 in Paris to 5,128.49.

Following a red day for Wall Street's tech giants, the Stoxx 600's technology sector index was off by 1.44%% at 418.84.

On Friday morning, the weak Wall Street and Asian sessions, plus rising euro were offsetting a strong reading on French gross domestic product and news that economic sentiment in the Eurozone is at a 10-year high.

GDP in the euro area' second-largest economy expanded at a 0.5% quarter-on-quarter rate over the three months to June, which was expected by economists.

A pick-up in household spending and a surge in exports more than offset slower investment, INSEE said.

Nonetheless, the data was enough for Barclays Research to mark up its full-year French economic growth forecast by a tenth of a percentage point to 1.8%, after an expansion of 1.1% in 2016.

Meanwhile, harmonised consumer prices in Spain raced past forecasts in July, clocking in at a 1.7% clip year-on-year (consensus: 1.5%).

Spanish GDP growth accelerated slightly during the second quarter, expanding at a 0.9% pace - as expected - which was up from 0.8% over the three months to March.

On the corporate side of things, UBS shares were down despite profits coming in ahead of expectations. “Considering market conditions, the second quarter results were very good and contributed to a strong first half of the year,” said chief executive Sergio Ermotti.

Credit Suisse surged after reporting 78% jump in profits as assets under management hit record levels. Net profit of $312.6m came in ahead of $311.3m consensus forecasts.

BNP Paribas was up as its investment bank had a "very good" second quarter. Group net income of €2.4bn was down 6.4% year-on-year, ahead of €1.91bn expected by analysts.

Spain's Santander, which recently took over troubled lender Banco Popular, was also on the front foot after it reported net profit €1.75bn up 37%, in line with expectations as it benefited from strong growth in Latin America.

Adidas was also in the spotlight after the sports goods maker bumped up its full-year guidance on the heels of 18% rise in second quarter profits.

Austrian steel-basher Salzgitter also lifted its own forecasts for 2017, telling shareholders it was now expecting sales of roughly €9.0bn and pre-tax profits of between €150m to €200m.

Shares in French luxury goods-maker Kering were on the backfoot despite beating analysts' estimates for first half operating profits.