European stocks opened with mild losses on Wednesday, as U.S. politicians remained at loggerheads and market patience began to wear thin. Europe sagged even as expectations that President Barack Obama will nominate Janet Yellen as chairman of the Federal Reserve gave U.S. stock futures a lift.
But later the majors began to recover before a report forecast to show German industrial production rebounded. Industrial production in Germany rose 1% in August after declining 1.7% in the previous month, a report today will show, according to the median estimate.
The German DAX 30 index added 0.32%, while the French CAC 40 index rose 0.54%. The FTSE 100 index increased 0.06% only.
The UK industrial and manufacturing production disappointed investors, contracting at an annual pace of 1.5% and 0.2%, respectively. The trade deficit also missed the median, shrinking to £9.625 billion vs. £9.0 billion expected, albeit lower than July’s £9.941 billion.
Vodafone Group PLC's shares dropped 0.8%, while Royal Dutch Shell PLC fell 0.7% and Sanofi SA was down 1%.
Alcatel-Lucent slid 6.2%. French Prime Minister Jean-Marc Ayrault said he wanted negotiations to limit job cuts. Alcatel said on Oct. 8 that it will eliminate 10,000 jobs as Chief Executive Officer Michel Combes accelerates a 1 billion-euro ($1.4 billion) cost-cut plan to revive the unprofitable company.
Saint-Gobain dropped 3.3% after Morgan Stanley cut its rating on the stock to underweight.
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