Europe open: Shares fall on US recession fears; Dr Martens booted

European shares opened lower on Thursday as US policymakers flagged further rate rises this year, sparking fears of a recession in the world's biggest economy.

The pan-regional Stoxx 600 index was down 0.59% at 0840 GMT with all major bourses lower. US shares fell overnight, while Asia markets were mixed.

"US recession fears are resurfacing as Federal Reserve policymakers flagged that more rate rises are ahead, even though inflation is coming down from dizzying heights and slowing activity is taking a toll on big companies," said Hargreaves Lansdown analyst Susannah Streeter.

"Remarks from Cleveland Fed President Loretta Mester crushed hopes that the hiking cycle may be shorter, with officials still largely indicating that rates are set to rise to 5.00%-5.25% in the months to come. Risks of a harder landing for the US economy are rising and big tech is bracing for impact."

Sentiment was also dampened overnight with news that tech giant Microsoft had become the latest in the sector to announce job cuts.

In equity news, shares in iconic UK boot maker Dr Martens slumped as the company issued a profits warning, saying it had been hit by operational issues at its Los Angeles distribution centre and weaker trading in the US direct-to-consumer segment.

Weaker copper prices hit Antofagasta, Glencore and Anglo American, while oil giants BP and Shell were down as as crude prices retreated.

Informa gained as the UK academic publisher and events specialist said full-year numbers were set to come in ahead of expectations, following strong performances across the business.

Deliveroo shares were up as the online fast food delivery platform said it had broken even in the first half and expected better earnings margins for the full year.

Reporting by Frank Prenesti for Sharecast.com