European shares were moving lower on Tuesday after two days of gains. A slew of mixed regional data and Middle East concerns weighed on sentiment, heading into Thursday’s ECB meeting.
Germany’s wholesale prices fell at the steepest pace in five months in September, while investor confidence in the country improved for the first time in four months, separate data revealed.
France’s consumer price inflation slowed slightly more than initially estimated in September to the lowest level in three-and-a-half years due to cheaper energy costs, statistical office INSEE reported.
Elsewhere, data showed U.K. wage growth softened to the lowest in more than two years in the three months to August, adding support to expectations that the central bank will cut interest rates further at the next meeting.
The pan-European STOXX 600 slipped 0.2 percent to 523.72 after ending half a percent higher to reach at two-week high on Monday.
The German DAX was marginally higher, France’s CAC 40 dipped 0.8 percent and the U.K.’s FTSE 100 was down 0.4 percent.
LM Ericsson shares jumped 8.4 percent in Stockholm after the Swedish telecom major reported a profit in its third quarter, compared to prior year’s loss.
Tele2 AB gained 2 percent after an announcement that it has appointed Jean-Marc Harion as President and CEO, effective from November 10, 2024.
Energy giant BP Plc slumped 4.2 percent and peer Shell fell nearly 3 percent as oil prices slid as much as $3 to a near two-week low on the back of a weaker demand forecast from IEA and after reports that Israel’s planned retaliatory attack on Iran won’t target nuclear or oil facilities.
Office-rental company Workspace Group dropped about 1 percent after like-for-like occupancy fell due to an unusually high number of customers vacating in the second quarter.
Bellway soared 7.2 percent after the company delivered a reassuring assessment on the state of the U.K.’s housing market recovery.
TotalEnergies SE shares slumped 4.1 percent in Paris. The oil major warned that its third-quarter downstream results are expected to decline sharply due to lower refining margins in Europe and elsewhere.
Deutsche Bank dropped 2.4 percent after reports of the sale of some 16 million shares in the German bank priced at 16.01 euros ($17.43) per share.
Business News
European Shares Drift Lower Ahead Of ECB Meeting
2024-10-15 09:40:14
