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LONDON: European shares dipped at the open on Friday, joining a global market retreat that spread from Wall Street to Asian markets after the Federal Reserve noted a dip in US business investment and suggested a rate hike was on track for December.

A number of disappointing corporate earnings also weighed on morale, as Germany’s Thyssenkrupp fell to its lowest levels since July 2016 after cutting its profit outlook for the second time this year.

The pan-European STOXX 600 was down 0.5 per cent at 0817 GMT, while the leading index of euro zone stocks was falling at roughly the same pace.

All European bourses and most sectors were in negative territory with Germany’s DAX down 0.6 per cent and France’s CAC 40 losing 0.7 per cent.

The energy sector also acted as a drag with oil majors weighing on indexes as rising supply and concerns of an economic slowdown pressured prices, with US crude down by around 20 per cent since early October.

© copyright — The Economic Times


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