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Market Update

European Markets Open Lower

European markets were trading mildly lower Wednesday morning.

Losses in the European session came in despite upbeat German consumer climate data. Reports released today showed the Gfk German consumer confidence index climbed to a seven-year high of 8.5 in February, up from a revised reading of 8.3 in the month ago.

The FTSE 100 lost 0.4% at 9:19 a.m. in London, the CAC 40 Paris retreated 0.3% and the DAX Frankfurt was down 0.2%.

Stocks on the Move
Financials were listless across the sector as lenders were mostly trading with slim losses.

Societe Generale SA lost 0.1% in France and so did Credit Agricole SA. In London, Lloyds Banking Group edged up 0.1% but Barclays Plc. lost 1.6%.

German firm Deutsche Bank AG erased 0.7% while Commerzbank AG bucked the trend, adding 0.5%.

Among miners, Anglo American plc. improved 0.6% after the miner said it would slash jobs at one of its coal mine in Australia.

BHP Billiton Plc. climbed 0.2% while Rio Tinto Plc. was flat.

On the earnings front, AB InBev added 0.3% after the company reported a 47% jump in its fourth quarter profit.

Bouygues rallied 2.5% after its net loss for 2013 came in lower than analysts'  estimates.

Airbus Group NV eased 0.4% as the company said it would raise the production rate of its A320 single-aisle jet after posting sharp rise in 2013 earnings.