(Reuters) – European shares opened lower on Wednesday as China-exposed miners led losses following lacklustre economic data from Beijing, while UK stocks were pressured by a higher-than-expected core inflation print.
By 0708 GMT, the pan-European STOXX 600 was down 0.2%, after closing at its lowest level in more than a month on Tuesday.
UK’s blue-chip FTSE 100 index dropped 0.3% after data showed British inflation slowed as expected in July to its lowest annual rate since February 2022, although there were more signs of pressure in core and services prices.
European miners lost 0.8% as traders assessed the prospects of a tepid economic rebound of top metals consumer China. [MET/L]
New home prices in China fell for the first time this year in July, the latest in a string of downbeat data.
Shares of Alcon gained 1.5% after the Swiss eye-care company raised its outlook for full-year net sales and core diluted earnings per share.
Admiral Group jumped 4.6% after the British motor and home insurer posted a marginal rise in its first-half pre-tax profit.
(Reporting by Shashwat Chauhan in Bengaluru; Editing by Sherry Jacob-Phillips)
