Europe open: Shares fall in subdued end of week

European stock markets opened slightly lower Friday, after posting gains all week.

The pan-regional Stoxx 600 index was down 0.11% at the open with major bourses mixed and little corporate news or economic data to drive sentiment.

Stocks gained this week on the back of US data showing inflation and producer prices both came in cooler than expected and suggested a significant slowdown in inflation in the world’s largest economy.

Oil prices rose beyond $80 a barrel driven by supply disruptions in Libya and Nigeria along with slowing Russian output.

In equity news, shares in Swedish firm Lifco fell 7% after half-year results, while Norwegian conglomerate Orkla rose 4.7% after an increase in second quarter operating revenues.

Asset manager Ashmore fell 6% after reporting a $1.8bn decease in assets under management for the quarter to end-June, saying investors had cut exposure to emerging markets against the uncertain global macroeconomic backdrop.

Reporting by Frank Prenesti for Sharecast.com