European markets slip at open

Monday, 04. April 2016 09:11

Stock markets across Europe opened lower, with the background of sliding oil prices, following a mixed trading day in Asia with markets closed in China and Taiwan for national holiday, and Japan's Nikkei fell under pressure of lower inflation outlook and stronger yen. Oil prices were seesawing after significant recovery from late February onwards. Investors will be expecting economic data on employment and consumer confidence from several European countries, and EU producer prices.

The Dow Jones Stoxx 50 rose 0.5% to 2,747 points.

The German DAX index opened 0.10% lower at 9,784 points, however with some gains in the tech sector. Energy companies saw early gains, with RWE shares rising 1.50% to be the best advancer, while Deutsche Telekom lost 1.20%.

In Paris, the CAC 40 index also opened lower, and fell 0.91% to 4,282 points in the first minutes of the trade. Telecom company Orange fell sharply by 5.26%, and Technip slid 1.36%. Sanofi added 1.27%, ArcelorMittal rose 1.25% and Pernod Ricard climbed up 0.84%.

In London, the FTSE 100 edged down 0.15% to 6,136 points. There were some notable advancers from mining sector: Anglo American +2.30%, Rio Tinto +2.14%, Glencore +0.84%, and Marks and Spencer's added 1.25%. Admiral Group was the leading decliner, falling 1.33%, and the financial sector gave a mixed picture.

The Swiss Market Index started on lower foot and was 0.36% lower at 7,610 points minutes into the trading day. Almost all companies such Julius Baer, UBS, Swiss Life, and industrial shares like Geberit were falling. The exception was ABB Ltd, which inched up 0.05%.

Oil prices were on decline, according to data from the ICE Europe at 9:10 a.m. CET. The international benchmark Brent for June deliveries were down 0.94% at $38.31 a barrel, after reaching daily high of $38.69 a barrel. The light sweet crude West Texas Intermediate for delivery in May fell 1.23% to $36.34 a barrel, with earlier daily high of $38.05 a barrel.

The Netherlands' AEX was down 0.44%, and in Wien, the ATX index fell 0.39%.

In Belgium, however, the BEL 20 rose 0.11% and the OMX Copenhagen 20 added 0.24%.

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Breaking the News / ZR