Europe open: Shares lower on recession fears

European shares were lower at the open on Thursday as worries over a looming recession dampening sentiment.

The pan-regional Stoxx 600 was down 0.19% at 0839 GMT with major Continental bourses mixed.

“European markets opened mixed but have since turned lower with the FTSE 100 underperforming as the market finds itself in wait-and-see mode ahead of the Fed and the Bank of England’s crucial rate decisions next week,” said Interactive Investors head of investment Victoria Scholar.

Ryanair shares rose after the low-cost carrier said group chief executive Michael O'Leary had agreed to extend his contract to 2028.

French automaker Renault fell as talks between it and Nissan over alliance restructuring are certain to spill into next year, Bloomberg reported.

British American Tobacco shares fell despite the company saying it expected full-year revenue growth of 2-4% at constant currency rates, as more people use its e-cigarettes and oral nicotine products.

Prudential shares gained on optimism towards China’s relaxation of its zero-tolerance Covid rules.

Reporting by Frank Prenesti for Sharecast.com