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Europe open: Shares down on UK GDP data; Nike woes hit Adidas, Puma
(Sharecast News) - European shares opened on the wrong foot at the start of the last trading day before Christmas, as Britain sailed towards recession and a cut in sales forecasts at Nike pulled sportswear manufacturers lower. The pan-European Stoxx 600 index was down 0.10% at 476.46 in early deals. The UK economy shrank in the third quarter, according to figures released on Friday by the Office for National Statistics, raising the risk of recession.
The economy contracted by 0.1% in the period from July to September, down from a previous estimate of no growth, with the services sector contracted 0.2%, revised down from a first estimate of a 0.1% decline.
Data also showed that there was no economic growth in the second quarter, down from a previous estimate of 0.2% growth.
Meanwhile, November retail sales grew 1.3% as heavy discounting on Black Friday encouraged hard-pressed consumers to part with their cash.
In equity news, shares in Adidas, Puma and JD Sports Fashion fell as Nike cut its full-year sales forecast.
Prosus plunged after Chinese regulators announced plans to impose restrictions in the online gaming industry.
Reporting by Frank Prenesti for Sharecast.com
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