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Europe open: Shares down on weak Wall St ahead of EZ data
(Sharecast News) - European shares were lower on Thursday after weak sessions in the US and Asia. The pan-European Stoxx 600 index was off 0.35% at 468.93 with all regional bourses lower. Investors are also awaiting eurozone GDP data later.
"European markets are under pressure, taking their cues from a softer session on Wall Street with the S&P 500 logging three straight negative sessions," said Victoria Scholar, head of investment at Interactive Investor.
"China sensitive stocks like Burberry and Prudential are also trading near the bottom of the UK blue chip index after key China trade data pointed to weak domestic demand from the world's second largest economy."
"China's exports increased for the first time in six months, up by 0.5% in November, defying forecasts for a decline and swinging from a fall of 6.4% in October. However, imports dropped by 0.6%, missing estimates for growth of 3.3%."
In economic news, German industrial production unexpectedly fell by 0.4% in October compared to the previous month, according to official data published on Thursday.
The fall compared with expectations of a 0.2% rise, and was mainly due to a 0.6% decline in mechanical engineering sector output, the office said.
The data follows a shock fall in German industrial orders in October, down 3.7% on the previous month on a seasonally and calendar adjusted basis, data showed on Wednesday. Outside of manufacturing, energy output jumped by 7.1% and construction slid by 3.4%.
In equity news, Air France-KLM fell after JPMorgan cut the stock to underweight, from overweight and slashed its price target to €9.50 from €21.50. The move also hit Lufthansa and British Airways' parent company IAG.
Reporting by Frank Prenesti for Sharecast.com
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