European stocks were mixed early Tuesday as political concerns linked to elections in France and Italy and disappointing economic data from Germany weighed on sentiment.

The region-wide Stoxx Europe 600 Index nudged 0.08% higher to trade at 361.90 points by 08:50 GMT, with Britain's FTSE 100 rising 0.39% on the strength of basic resource stocks. Benchmarks in Germany and France, however, drifted lower after worse-than-expected fourth quarter earnings from BNP Paribas SA (BNPQY) and a steep decline in industrial production in Europe's biggest economy.

The euro traded 0.75% lower in early European dealing against the U.S. dollar and was marked at 1.0669 at 08:50 GMT, the lowest level since Jan. 30, after industrial production in Germany fell 3% from the previous month, the biggest decline in nearly eight years.

"Orders in manufacturing and construction and also sentiment indicators in these sectors are signalling a revival of output growth in coming months," the Economy Ministry said in a statement alongside the release, and Monday's factory orders data, which increased at the fastest pace in two and a half years, likely supports that case.

BNP Paribas led stocks in Paris lower Tuesday after it posted a rise in fourth quarter profit but missed analysts' forecast as low interest rates and a "lacklustre" trading environment held down earnings.

France's biggest bank said net income for the final three months of 2016 came in at €1.44 billion, more than double the €665 million posted in the fourth quarter of 2015, but shy of the €1.5 billion anticipated by analysts Revenues for the final quarter totalled €10.66 billion, the bank said, slightly ahead of analysts' forecast of €10.48 billion.

BNP shares fell 4.4% in early Paris trading to change hands at €57.28 each in Paris by 09:00 GMT, trimming the three month gain to 14%. That gain has lagged both the 19.9% advance for the Stoxx Europe 600 Banks index and the staggering 53% rise for Deutsche Bank AG (DB) - Get Report over the same period.

In London, BP plc (BP) - Get Report shares fell to the bottom of the FTSE 100 Tuesday after the oil major posted lower than expected profits for the fourth quarter despite a rise in global oil prices and held its dividend unchanged.

BP shares fell 1.9% in early London trading to change hands at 467 pence each by 08:15 GMT, trimming the three month gain to just over 3%, compared to a 8.8% advance for Royal Dutch Shellplc () and a 10.25% gain for the Stoxx Europe 600 Oil & Gas Index.

Overnight in Asia, shares around the region drifted lower, following on from a softer session on Wall Street, with the MSCI Asia ex-Japan index slipping 0.07% by 06:45 GMT. Japan's Nikkei 225 fell by 0.35% to 18,910.78 points, with market direction once again driven by the yen, which firmed against both the U.S. dollar and regional currencies to hold down export stocks and keep the benchmark in the red.

Safe haven flows linked to both the French Presidential elections, where far-right candidate Marine Le Pen is polling strongly enough to make it to the second round of voting on May 7, drove investors into the Japanese currency, which traded as high as 111.59 against the U.S. dollar before paring gains later in the session.

The dollar also extended gains in European trading after China's foreign currency reserves fell below $3 trillion for the first time in more than five years as capital outflows accelerated owing to the reduced value of the yuan.

Reserves were tabbed at $2.998 trillion in January, down $12.3 billion from the previous month and building on the $41 billion decline recorded between November and December, the People's Bank of China said. Over the past two years, the government has drained around $833 billion in currency reserves, mostly U.S. dollars, amid one of the biggest sustained declines for the yuan on global markets since 1994.

The dollar index, a measure of the greenback's strength against a basket of global currencies, rising 0.57% to 100.45.

All three U.S. equity benchmarks ended Monday in the red as energy shares held down gains and investors questioned the priorities of President Donald Trump's new administration, which appears to be favouring changes in healthcare and foreign policy over tax reform and job creation.

Early indications from U.S. futures prices suggest a mixed open on Wall Street Tuesday, with the Dow rising 6 points against little changes for the S&P and the Nasdaq.