European shares open marginally lower on tech drag
2024.11.13 03:36
(Reuters) – European shares opened slightly lower on Wednesday, mainly dragged by technology stocks, while investors focussed on a key U.S. inflation print due later in the day that could alter market expectations on the Federal Reserve’s interest rate path.
The pan-European slipped 0.1%, as of 0809 GMT, extending losses after a near 2% drop on Tuesday.
Heavyweight technology, down 0.9%, led losses among the major sub-sectors, while autos also slipped 0.9%.
On the other hand, energy stocks added 1.3%, while basic resources rose 0.5%.
Siemens (ETR:) Energy jumped 19% after the utility sector supplier raised its mid-term margin target and set a new record for its order book.
RWE (LON:) advanced 7.9%, after Germany’s biggest utility said it would buy back shares worth up to 1.5 billion euros ($1.6 billion).
Just Eat Takeaway soared 20.5% after Europe’s biggest meal delivery firm said it struck a deal to sell its U.S. unit Grubhub to Wonder for $650 million.
A U.S. October inflation reading is due later in the day, while minutes from the European Central Bank’s last policy meeting are scheduled to release on Thursday.
Also exerting pressure on equities was a rise in euro-zone government bond yields, which rose in line with their U.S. peers. [GVD/EUR]
