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European shares open lower as China-exposed miners weigh
© Reuters. FILE PHOTO: The German share price index DAX graph is pictured as the German index celebrates its 35th birthday at the stock exchange in Frankfurt, Germany, August 15, 2023. REUTERS/Staff/File Photo
(Reuters) – European shares opened lower on Wednesday as China-exposed miners led losses following lacklustre economic data from Beijing, while UK stocks were pressured by a higher-than-expected core inflation print.
By 0708 GMT, the pan-European was down 0.2%, after closing at its lowest level in more than a month on Tuesday.
UK’s blue-chip dropped 0.3% after data showed British inflation slowed as expected in July to its lowest annual rate since February 2022, although there were more signs of pressure in core and services prices.
European miners lost 0.8% as traders assessed the prospects of a tepid economic rebound of top metals consumer China. [MET/L]
New home prices in China fell for the first time this year in July, the latest in a string of downbeat data.
Shares of Alcon (NYSE:) gained 1.5% after the Swiss eye-care company raised its outlook for full-year net sales and core diluted earnings per share.
Admiral Group (LON:) jumped 4.6% after the British motor and home insurer posted a marginal rise in its first-half pre-tax profit.
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