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Market Update

European Shares Open Lower; Miners Weak

Jun 8, 2011

Equities in Europe opened weak Wednesday, tracking a tepid close on Wall Street, after Federal Chairman Ben Bernanke said recovery in the United States remained "unveven".

At the time of writing, Britain's FTSE, France's CAC and Germany's DAX fell 0.6% to 0.8%.

Mining shares witnessed selling amid weakening metal prices. BHP Billiton, Rio Tinto, Xstrata and Anglo American were off 1.2% to 1.5%.

While oil shares were also trading pressured ahead of the OPEC meeting in Vienna later where the body is expected to announce a production hike to counter increasing demand and rising prices. BG Group declined 1.4%.

In individual movers, pub operator Punch Taverns jumped 4% after saying in a trading update sales were higher than expected, thanks to good weather.

Utility majors RWE and E.On gained 0.4% and 1.4%, following a broker upgrade.

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