European Shares Mostly Lower As US Tariff Deadline Looms
(RTTNews) - European stocks were mostly lower on Wednesday ahead of a looming deadline for implementing additional U.S. tariffs.
U.K. stocks clung to marginal gains after official data showed U.K. consumer price inflation softened unexpectedly in February.
The consumer price index logged an annual increase of 2.8 percent in February, following January's 3.0 percent rise. Prices were forecast to climb again by 3.0 percent.
The U.K. Chancellor of the Exchequer will deliver the Spring Statement in the House of Commons later today.
Markets expect Chancellor Rachel Reeves to tighten the fiscal policy by GBP 10 billion. Reeves is likely to reduce spending plans instead of introducing new tax hikes.
The Spring statement will be accompanied by the forecasts for the economy and public finances. The Office for Budget Responsibilities is likely to downgrade its growth projections and lift its inflation outlook.
The pan European STOXX 600 was down 0.2 percent at 551.38 after rising 0.7 percent in the previous session.
The German DAX slipped 0.2 percent and France's CAC 40 dipped 0.3 percent while the U.K.'s FTSE 100 was up 0.1 percent.
Construction equipment manufacturer Wacker Neuson SE tumbled 3 percent after its revenue for 2024 fell 15.8 percent.
Aroundtown, one of Germany's largest listed landlords, lost 3 percent after the firm's Funds From Operations I (FFO I) fell to €316 million, representing a 5 percent decline compared to the prior year.
British developer Vistry plummeted 7.2 percent after reporting sharply lower profit for fiscal 2024.
Oil & gas giant BP Plc rose half a percent and Shell added 1.2 percent as oil prices touched a three-week high.
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