European shares trade slightly under flat line
Investors took stocks in Europe moderately down on Wednesday, after China reported solid economic growth for the third quarter, but concern remained about subdued foreign trade, softened manufacturing expansion and overheating in the housing sector. Momentum following the opening bell was kept relatively in balance by banks and the energy sector, with an increase in benchmark oil futures. Market participants were focusing on today's release of unemployment data for the United Kingdom for September.
The FTSE 100 was 0.15% in the red at 9:06 a.m. CET. Travis Perkins and Reckitt Benckiser weighed the most in the performances list, losing 5.11% and 3.04%, respectively, after the former announced layoffs and that 30 branches will be closed, while the latter posted unexpectedly weak results for the past quarter. Polymetal climbed 1.53%, leading the gainers, and Burberry followed with a rise of 0.14%.
The DAX index shed 0.15% at 9:08 a.m. CET, with Henkel and E.ON losing 0.85% each. The CAC 40 was just 0.03% under the neutral level. The euro added 0.17% against the pound and less than 0.1% compared to the dollar, while sterling edged 0.1% to negative territory compared to the greenback (all 9:25 a.m. CET).