European shares inch lower on jitters ahead of U.S. labor data
2024.09.05 04:02
(Reuters) – European stocks slipped for a fourth straight session on Thursday, as investors awaited more economic data from the euro zone, while also tracking U.S. jobs data to gauge the Federal Reserve’s outlook for interest rate cuts.
The pan-European index edged 0.1% lower, as of 0715 GMT.
Miners were down 0.8%, after prices of most industrial metals fell on dim demand outlook following the recent weak economic data globally, including in top consumer China. [MET/L]
Real estate shares were the top gainers among sectors, up 0.5%.
German industrial orders rose in July by 2.9% on the previous month on a seasonally and calendar adjusted basis, versus a Reuters poll of analysts that prediced a fall of 1.5%. Germany’s benchmark was up 0.1%.
Investors will now shift focus to euro-zone’s retail sales figures at 0900 GMT and U.S. labor market data around 1230 GMT that could help investors recaliberate their interest rate expectations.
Among individual stocks, Associated British Foods (OTC:) slipped 3.5% to a five-month low after the Primark owner said it expects reduction in pricing seen in the fourth quarter to significantly impact performance in European sugar business next year.
Lanxess rose 3.4% after Morgan Stanley raised the rating on the chemicals firm’s stock to “Overweight” from “Underweight”.
