Europe open: Shares lower as investors mull UK GDP, await China news

11th Oct 2024 08:19

(Sharecast News) - European markets were slightly lower at the open on Friday as investors digested UK GDP data and looked ahead to widely expected fresh stimulus measures from China.

The pan-regional Stoxx 600 index was down 0.24% at 518.78 in early deals with all major markets lower.

On the economics front, the UK economy returned to growth in August, according to official figures. GDP rose 0.2% following no growth in June and July, in line with economists' expectations.

Services output grew 0.1% in August following an increase of 0.1% in July, while production output rose 0.5% following a revised 0.7% decline the month before. Output in construction was up 0.4% in August following a 0.4% drop In July.

In Germany, the inflation rate fell to 1.6% in September on an annualised basis and down from the 1.9% reported in August.

China's Ministry of Finance is scheduled to hold a news conference on Saturday, with analysts expecting new stimulus measures to boost the country's ailing economy.

In, equity news shares in Sainsbury's fell as its biggest shareholder, Qatar Investment Authority, placed 109m shares in the supermarket chain.

Reporting by Frank Prenesti for Sharecast.com