Morning MoneyBeat Europe: Europe Weighed Down by Mining and Oil

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European markets are seeing familiar laggards Thursday. The Stoxx Europe 600 was down 0.4% in early trade, following a 1.3% gain on Wednesday, as oil and gas companies fell 1.3% before recovering a little ground. The falls were led by BP PLC, whose shares were down 3.1% and Tullow Oil PLC, off 4.4%, as the persistent decline in oil prices continued to drag them down. Mining stocks continued to be under pressure from the commodities slump. Miners in the Stoxx 600 fell 1.1% and Anglo American PLC and BHP Billiton PLC were among the bigger fallers.

But earnings season is also taking a toll. The biggest loser in the Stoxx Europe 600 Thursday was Danish biotechnology Novozymes A/S, which was down 12.4% after cutting its sales growth forecast.

Weak results also weighed on Deutsche Post AG and Zurich Insurance Group, which were down 2.6% and 3.6%, respectively. German retailer Metro AG climbed after posting a net profit for the second quarter.

Bank of England watchers are bracing themselves for an unusually large barrage of information Thursday that should offer fresh clues as to when officials are likely to raise interest rates.

The BOE is due to publish minutes of the Monetary Policy Committee’s deliberations alongside its monthly policy decision for the first time. The minutes, which include a record of how individual policymakers voted, are usually published with a two-week lag.

The central bank will also publish its quarterly inflation report, a 50-page collection of economic forecasts that’s invaluable for investors trying to work out officials’ next move.

More broadly, of course, investors are waiting for Friday’s U.S. jobs report for July for more guidance on the timing of the first increase in interest rates in nearly a decade. The Federal Reserve considers employment and inflation data as it makes decisions on monetary policy.

Read our full take on the European markets today here.

-- Christopher Whittall

Market Snapshot: At 8.50 a.m. GMT, FTSE 100 down 0.29%, CAC 40 down 0.12% and DAX up 0.05%. Nikkei closed Tuesday up 0.24%. Brent crude up 0.32% at $49.74. Gold down 0.12% at $1084.3. EUR/USD down at $1.088. Ten-year Treasury yield lower at 2.27%, Bund yield lower at 0.69%, Gilt yield lower at 1.99%.

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