Posted By Global Banking and Finance Review
Posted on December 10, 2024
(Reuters) - European shares snapped an eight-session winning run on Tuesday, hurt by losses in miners, as the rally sparked by China stimulus pledges tapered off after its weak trade data, while the focus is now U.S. inflation data.
The pan-European STOXX 600 index was down 0.2% at 520.02 by 0810 GMT, with the UK's benchmark FTSE 100 down 0.5%, falling the most among European peers.
Basic resources led the losses among sectors after China's trade data pointed to weakening demand, while healthcare and autos were in the green, up 0.4% and 0.2%, respectively.
Germany's benchmark DAX index was down 0.2% after domestic inflation remained flat at 2.4% in November, confirming preliminary data.
Investors will now shift their focus to U.S. inflation data, due on Wednesday, that may cement bets for another interest rate cut on Dec. 18.
Among individual stocks, Delivery Hero dropped 8.6% to the bottom of the STOXX 600 after it listed its Middle East subsidiary, Talabat, on the Dubai Stock Exchange in the largest global technology initial public offer in 2024.
Ashtead fell 7.7% after the UK equipment rental firm said it would shift its primary listing to the United States, its biggest market, from London, and said it expects annual profit to come in below its previous expectations.
(Reporting by Shubham Batra in Bengaluru; Editing by Sonia Cheema)