10/3, 9:03 AM (Source: TeleTrader)
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Europe opens lower on interest rate worries

Stock markets in Europe opened with losses on Tuesday after remarks by European Central Bank Chief Economist Philip Lane, who said that the ECB "won't make progress to 2% inflation as quickly as we would to 4%" and that current wage increases are not consistent with their inflation target, seemingly signaling that a restrictive level of interest rates would remain in place for longer than expected.

The DAX declined 0.41% at 9:03 am CET with its worst performer Zalando down 4.58% a minute later. The FTSE 100 was 0.22% lower at 9:00 am CET as Burberry lost 3.20% at 9:02 am CET. The CAC 40 contracted by 0.50% at 9:00 am CET and Unibail-Rodamco-Westfield moved down 1.13% at 9:02 am CET. The EURO STOXX 50 lost 0.51% at 9:00 am CET with Kering decreasing 1.85% at 9:03 am CET.

Both the euro and the pound were flat against the dollar, selling for 1.04733 and 1.20850, respectively, at 8:59 am CET.

Baha Breaking News (BBN) / MS