LONDON: European shares opened lower on Thursday after Asian stocks faltered overnight, with risk appetite hit by deteriorating U.S.-China relations and worse-than-expected Chinese domestic consumption data.
The MSCI world equity index, which tracks shares in 49 countries, was down 0.5per cent, and MSCI's main Europe Index was down 0.8per cent. Oil prices eased after OPEC and allies such as Russia agreed to taper record supply curbs from August, though the drop was cushioned by hopes for a swift pick-up in U.S. demand after a big drawdown from the country's crude stocks.
"Though recent comments from ECB officials have shown signs of an emerging optimism, our economists don’t believe these signal a change in the policy stance, and expect the commitment to"substantial monetary policy stimulus" to be repeated," Deutsche Bank strategist Jim Reid wrote in a note to clients.
"If cases are rising and we see more lockdowns then that uncertainty will almost definitely hit markets," Ninety One's Silberston said.
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