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Europe open: Shares slip on oil, China worries
(Sharecast News) - European shares were slightly lower at the open as weaker oil prices and poor China data depressed sentiment. The pan-European Stoxx 600 index was down 0.07% at 442.42 in early trade with most bourses lower bar the UK's FTSE 100, which was up 0.17%.
''There is still a certain amount of nervousness hanging around despite the increased confidence recently that rate cuts in the US could finally be in sight," said Hargreaves Lansdown analyst Derren Nathan.
"Energy stocks have seen substantial falls with oil prices slipping to the lowest levels since violence erupted in the middle east last month. Brent crude fell by 4.2% and is hovering at around $81.5 per barrel. Demand concerns were heightened by a 6% fall in Chinese exports, the sixth decline in as many months."
"But traders also factored in in potential oversupply. US crude inventories rose more than expected yesterday. This follows three months of output increase by OPEC producers. Shares in the financial sector also had a weak day. This came as US credit card debt reached new highs, up 4.6% quarter on quarter to $48 bn."
In equity news, shares in UK retailer M&S jumped as the company reinstated its dividend and posted better-than-expected first-half earnings.
Reporting by Frank Prenesti for Sharescast.com
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