Europe open: Shares lower on Asia weakness as Kindred slumps

European stocks opened lower on Wednesday as Wall Street closed flat and Asian markets came under pressure.

The pan-European Stoxx 600 index was down 0.09% in early deals with regional bourses flat or lower. Britain’s FTSE 100 was down ahead of a government budget and spending review.

Shares in coal firms drove China equities down after Beijing's latest move to address skyrocketing coal prices. Officials on Monday said they would investigate energy price index providers, urging industry participants to "strictly" meet contractual obligations.

In equity news, shares in gambling group Kindred slumped 14% at the opening bell after the company said gross winnings revenue in the first 24 days of October had been negatively impacted by the closure of services to Dutch residents and an “exceptionally weak sports betting margin”.

Deutsche Bank shares fell 3.2% after reporting a fall in revenues at its investment banking unit but still beating expectations to post its fifth consecutive quarter of profit.

Admiral stock fell after Munich Re sold 12.1m shares in the UK insurer in a placing.

Shares in Swiss banking software specialist Temenos soared 14% on reports that EQT is exploring a potential acquisition.

Homeserve shares were up after the home repairs company said it had bought insurance industry repairs outsourcer CET Structures for £53m.