European shares edged lower for a sixth straight day on Thursday in choppy trading, with gains in energy stocks limiting losses, while investors awaited inflation data from Germany, the euro zone’s biggest economy.
The pan-European STOXX 600 index reversed early gains and slipped 0.2% by 0809 GMT, while Germany’s DAX eased 0.2%. Investor focus turned to consumer price index (CPI) data from Germany due at 1200 GMT, ahead of the euro zone inflation numbers on Friday.
“Expectations are for headline CPI in Germany to slow from 6.4% to 4.5%, which, in turn, is likely to translate into a similarly sharp slowdown in tomorrow’s EU flash CPI numbers,” said Michael Hewson, chief market analyst at CMC Markets.
“Today’s German flash CPI for September could well reinforce this feeling that perhaps the ECB could have exercised a little more patience.”
Energy shares limited losses on the STOXX 600 and were last up 0.9% as crude prices jumped after a drop in US crude stocks added to worries over tight global supplies from OPEC+ output cuts. French energy company TotalEnergies hit a record high, trading 1.5% higher after finalising a sale to Petronas.
European shares fall as real estate stocks tumble
Ryanair fell 2.4% after the European airline announced a number of cuts to its winter schedule due to the Boeing delivery delays, but added that its full-year traffic forecast was unaffected “as yet”.
The Italian government on Wednesday cut its growth forecasts for this year and the next and hiked its budget deficit targets. Stocks in Italy edged 0.1% lower.
AMS Osram dropped 18.2% after the Switzerland-listed sensor maker announced plans for a 2.25 billion euro ($2.36 billion) capital increase.
Betting company 888 Holdings slumped 14.0% on lowering its annual core profit expectations after a 10% decline in third-quarter revenue, partly due to tighter regulations in Britain.
Comments
Comments are closed.