Oct 7 (Reuters) – European shares edged lower on Wednesday after three straight sessions of gains, as higher oil prices and ascent in global bond yields weighed on sentiment.
The pan-European STOXX 600 index was down 0.4% to 633.98 points by 0823 GMT, with tech and mining stocks leading declines.
Oil prices climbed almost a percent as the market weighed supply constraints from a storm heading for US oil-producing regions and attacks by Yemen’s Iran-backed Houthis on Saudi Arabia against increased supplies of Middle East crude. [O/R]
US and Europe bond yields edged higher and French spreads widened on lingering concerns about France’s deteriorating fiscal situation ahead of next year’s presidential election.
Among individual stocks, UK’s Pennon Group shed 15.4% after the water utility firm launched a fully underwritten £550 million ($728.5 million) rights issue and lowered its dividend in a bid to fix operational problems.
(Reporting by Sudeshna Ghoshal in Bengaluru; Editing by Nivedita Bhattacharjee)
Comments