European Shares Edge Lower Following US Tech Selloff
(RTTNews) - European stocks were subdued on Wednesday after closing at five-month high in the previous session on news of a potential Ukraine-Russia summit.
In economic releases, U.K. consumer price inflation accelerated in July on higher transport cost, tempering BoE rate-cut expectations.
The consumer price index posted an annual growth of 3.8 percent after rising 3.6 percent in June. Analysts had expected prices to climb 3.7 percent.
Elsewhere, Germany's producer prices declined for the fifth straight month in July amid cheaper energy prices, Destatis reported.
The producer price index dropped 1.5 percent year-on-year in July, faster than the 1.3 percent fall in June.
The pan European STOXX 600 was down 0.2 percent at 556.80 after U.S. technology stocks fell sharply overnight on concerns over an AI stock bubble and uncertainty around the interest rate outlook.
The German DAX gave up 0.6 percent, France's CAC 40 shed 0.3 percent and the U.K.'s FTSE 100 was down 0.2 percent as investors await clues from the U.S. Federal Reserve's Jackson Hole symposium.
Defense stocks traded lower, with Germany's Rheinmetall and Hensoldt both falling around 1 percent as optimism grew about a potential Russia-Ukraine peace deal.
Ithaca Energy shares soared 9 percent as the North Sea-focused oil and gas company raised its 2025 production forecast for the second time this year.
Building materials supplier Geberit fell 2.3 percent after reporting a marginal decline in its first-half profit.
IT service provider Computacenter declined 1 percent after naming a new finance chief.
Swiss American eye-care group Alcon slumped nearly 10 percent after cutting its 2025 net sales outlook, citing tariff pressures.
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