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European shares slip as China-fuelled rally loses steam
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European shares slip as China-fuelled rally loses steam
Sep 26, 2024 10:23 AM

(For a Reuters live blog on U.S., UK and European stock

markets, click or type LIVE/ in a news window)

Sept 25 (Reuters) - 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. 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 ( VOYJF )

surged 9.2% after the Finnish engineering company secured an

order worth more than 1 billion euros in Brazil.

(Reporting by Pranav Kashyap in Bengaluru; Editing by

Subhranshu Sahu)

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