Market Update
European equities were little changed as investors reacted to weak Chinese manufacturing data and some corporate announcements in the region.
The FTSE 100 was up 0.2% at 8:20 a.m. London time. The CAC 40 Paris edged up 0.1% while the DAX Frankfurt was flat.
Official reports released over the weekend showed manufacturing activity in the world's second-largest economy declined in January. China's official purchasing managers' index dropped to 50.5 in January from 51 in December, in line with expectations.
A reading above 50 indicates expansion while a reading below 50 indicates contraction in the economy.
Investors were also looking forward to some economic reports from the region
Reports on respective manufacturing activities in Germany, Great Britian, France, Italy as well as the overall euro-zone region were scheduled for release later in the day.
Some corporate results were also on the investors' radar.
Stocks on the Move
Miners were in the green, despite weak industrial data out of China. BHP Billiton Plc. was up 0.5%, Rio Tinto Plc. gained 0.8% while Anglo American Plc. edged up 0.1%.
But, banks traded weak wiping out these gains. French lender Credit Agricole SA lost around a percent while Societe Generale SA erased 0.6%.
Germany's top bank Deutsche Bank AG slipped 0.5% but Commerzbank AG was 1.1% higher.
In London, Lloyds Banking Group Plc. said it would report underlying earnings for 2013 better than market expectations. Shares of the banking giant dropped 2.5%, however.
In other corporate news, London-listed J Sainsbury plc. announced it has completed the acquisition of the remaining 50% shareholding in Sainsbury's Bank plc. from Lloyds Banking Group plc. Shares of the retailer were up 0.5%.
Meanwhile, French lens maker Essilor International added around a percent after completing its acquisition of U.S. sunglasses maker Costa Inc. .