Europe open: Shares lower as inflation worries hit sentiment
European stocks opened in subdued mood on Thursday despite a rally in Asian stocks overnight, as investors fretted about inflationary pressures.
The pan-European Stoxx 600 was down 0.10% in early deals after starting the session higher. Inflation worries continue to put a brake on equities with investors eyeing the potential path and pace of US rate hikes as the Federal Reserve tightens its pandemic-enforced loose monetary policy.
US markets were mixed with the tech-heavy Nasdaq falling sharply. Asian stock markets closed higher as China cut interest rates in response to a slowdown in economic growth and Japan reported a rise in export values.
The Chinese one-year loan prime rate was cut by 10 basis points, while the five-year LPR, which influences the pricing of home mortgages, was cut by 5 basis points, the first time since April 2020.
In equity news, shares in Swiss online pharmacy Zur Rose rose 5.6% to top the Stoxx 600 after a strong earnings report.
French industrial company Soitec plunged more than 14% to the bottom of the index after announcing that senior Atos executive Pierre Barnabe will succeed outgoing CEO Paul Boudre.
Deliveroo shares were up after the fast food delivery platform said the gross value of orders on its platform rose 36% year-on-year in the fourth quarter, resulting in its hitting the top of guidance with a 70% rise for the year.
Unilever climbed after abandoning its plans to buy GlaxoSmithKline's consumer healthcare business, saying it would not raise its rejected £50bn offer.