European Shares Slip Ahead Of US Inflation Data

(RTTNews) - European stocks fell slightly on Wednesday as caution set in ahead of U.S. inflation data later in the day and the Bank of England's interest-rate decision on Thursday.

Also weighing on sentiment, a high stakes meeting between U.S. President Joe Biden and key lawmakers from both parties on Tuesday yielded no breakthrough on the impasse over the U.S. debt ceiling.

Data showed earlier in the day that German consumer inflation fell in April on easing food prices, but core inflation stayed high.

Finalized data showed German annual inflation rate softened from 7.4 percent to 7.2 percent in April, unchanged from the prelim figure. The harmonized index of consumer prices rose by 7.6 percent year-on-year.

The pan European STOXX 600 was down 0.2 percent at 464.36 after declining 0.3 percent on Tuesday.

The German DAX and France's CAC 40 both edged down around 0.3 percent while the U.K.'s FTSE 100 was down 0.2 percent.

Sweden's SBB fell over 3 percent to extend recent declines on debt concerns.

Swedish Orphan Biovitrum plunged 15 percent after the drug maker agreed to acquire U.S.-based CTI BioPharma CTIC.O in a deal valued at $1.7 billion.

Dutch Bank ABN AMRO fell about 1 percent despite reporting higher-than-expected earnings for the first quarter.

British caterer Compass Group rallied 1.8 percent after posting strong first-half results and lifting its full-year guidance.

Melrose Industries jumped 3.6 percent after the company said it was trading "materially ahead" of expectations.

The company also outlined plans to "create further substantial value" for shareholders by repositioning itself as a pureplay aerospace company.

Travel firm TUI tumbled more than 4 percent after it posted narrower quarterly underlying earnings before interest and tax (EBIT) loss of 242 million euros ($266.39 million).

French lender Credit Agricole rallied 5.7 percent after posting a record performance in the first quarter on higher trading revenue.

Train maker Alstom gave up 5.3 percent after delaying its mid-term targets.