Europe open: Stocks push lower in early trade; miners in focus

European stocks pushed lower in early trade, with miners in focus following earnings from BHP Billiton and Antofagasta.

At 0900 BST, the benchmark Stoxx Europe 600 index and France’s CAC 40 were off 0.6%, while Germany’s DAX was 0.8% weaker.

At the same time, oil prices reversed earlier losses to trade a little higher, with West Texas Intermediate and Brent crude up 0.2% at $45.82 and $48.44 a barrel, respectively.

In corporate news, miner BHP Billiton edged higher despite reporting a record loss in the year to the end of June and slashing its dividend as weaker commodity prices, writedowns and the dam disaster in Brazil took their toll.

Chilean copper mining colossus Antofagasta rallied after it reported lower first-half revenue but said it had improved earnings and kept its dividend flat thanks to some heavy cost cutting.

Linde was on the front foot following a Reuters report that US industrial gases maker Praxair is in talks to buy the German company.

International infrastructure group Balfour Beatty was a bit firmer after being awarded a $697m contract to undertake electrification of the 52-mile Caltrain rail corridor between San Francisco and San Jose, in preparation for the future operation of high speed trains.

On the downside, Swiss lift maker Schindler was lower after it cut the top end of its revenue growth outlook for the year.

Oil services firm Wood Group was weaker as it posted a drop in profit and revenue for the first half amid “challenging” conditions in the oil and gas market but reaffirmed its outlook for the full year.

AstraZeneca nudged lower after saying it has completed a licensing agreement with LEO Pharma, a specialist in dermatology care, for the global licence to monoclonal antibody tralokinumab in skin diseases.

On the data front, eurozone trade balance figures are due at 1000 BST, along with the German ZEW survey. In the US, housing starts and the consumer price index are at 1330 BST while industrial production is at 1415 BST.

In the UK, all eyes will be on the consumer price index, the retail price index and the producer price index due at 0930 BST.