Europe open: Weak Asia adds to pre-ECB meeting jitters
European stocks opened lower again on Thursday, as weaker Asian markets added to jitters ahead of the European Central Bank’s meeting to discuss asset tapering later in the day.
The pan-European Stoxx 600 index was down 0.61% in early deals. The UK’s FTSE 100 was down 0.81% and Germany’s DAX 0.7%.
The ECB is expected to slow its bond buying through its Pandemic Emergency Purchase Programme, but also reassure markets that this is not the start of a gradual exit from easy policy.
Asian shares fell as Chinese gaming stocks came under pressure from fresh regulatory scrutiny, while data showed China’s factory gate inflation hit a 13-year high in August.
In equity news, British budget airline easyJet slumped 7.66% after it revealed plans to raise £1.2bn and said it had rejected a takeover offer.
Animal genetics company Genus fell to the bottom of the Stoxx with a fall of 9% as it warned that recent volatility in the Chinese porcine market will dent growth.
The firm reported a jump in full-year profit and revenue as it continued to win new customers.