European Shares Slide On Inflation, Growth Concerns
(RTTNews) - European stocks slipped into the red on Wednesday after data showed inflation rising in some German states.
Spanish inflation also accelerated and a measure of economic confidence in the euro zone fell again in August, raising worries about the inflation and growth outlook. The pan European STOXX 600 was down 0.3 percent at 458.55 after gaining 1 percent on Tuesday.
The German DAX and France's CAC 40 both dropped around half a percent while the U.K.'s FTSE 100 was marginally higher.
In corporate news, Orsted plunged 21 percent after the Danish renewable energy firm warned of impairments of up to 5 billion Danish crowns ($729.78 million) on its U.S. portfolio.
British insurer Prudential rallied 3.5 percent after first-half operating profit rose 6 percent.
Direct Line Insurance Group rose 1.2 percent after the motor and home insurer poached Adam Winslow, a senior executive at rival Aviva, to be its new chief executive.
Hi-tech software firm Instem soared 40 percent after it agreed to a £203m takeover by a U.S. private equity firm.
Delivery Hero shares slumped 6.6 percent after the German online food delivery service reported net and operating losses for the first half.
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