European shares opened lower on Wednesday as a rally sparked by China’s stimulus package lost steam, while falls in technology and oil stocks also added to the losses.
The pan-European STOXX 600 index was down 0.3% at 518.06, as of 0712 GMT, after gaining nearly 1% in the previous session.
In Asia, Chinese stocks extended their stimulus-fuelled rally to a second day, while other markets struggled for direction.
SAP declined 3.5% after a report said the German software developer was under investigation in the United States for alleged price-fixing.
The stock weighed the most on the benchmark and dragged the technology sub-index down by 0.8%.
The oil and gas sector led sectoral declines, losing 0.9% on worries that China’s stimulus plans did not have enough to boost demand.
France’s CAC 40 ticked 0.7% lower after gaining more than 1% in the previous session. Data showed consumer confidence in the country increased in September.
European shares jump on China stimulus; luxury stocks shine
The country’s employment data is due at 1000 GMT. Official data showed Sweden’s producer price index was up 0.6% in August from July.
Its benchmark OMXS 30 was trading flat. Among other notable stock moves, Valmet Oyj surged 9.2% after the Finnish engineering company secured an order worth more than 1 billion euros in Brazil.
Source: Brecorder
