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Europe open: Shares lower despite China stimulus moves
(Sharecast News) - European shares opened lower on Wednesday, despite upbeat trading in Asia overnight on news of China's new stimulus measures, as the latest Middle East conflict continued to weigh on sentiment. The pan-European Stoxx 600 index was down 0.18% at 434.18 in early deals with all major bourses lower. France's CAC 40 was off almost half a percent at 6859.
Shares in China and Hong Kong outperformed the Asia region on news Beijing planned to issue additional sovereign debt and raise the budget deficit ratio.
The government announced a 1 trillion yuan sovereign bond issuance. State media reported the funds would be used to help rebuild areas hit by this year's floods and to improve urban infrastructure.
In equity news, Deutsche Bank shares gained after the German lender beat expectations for third quarter earnings.
Net profit was €1.03bn, above an analyst consensus of quarterly net profit attributable to shareholders of €997m.
Heineken shares also gained as the Dutch brewing giant reported results.
Reporting by Frank Prenesti for Sharecast.com
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