(Reuters) – European shares opened lower on Wednesday ahead of key economic data from the region as investors sought refuge in safe-haven assets amid uncertainty surrounding a closely contested U.S. election.
The pan-European STOXX 600 dropped 0.5% to 515.25 points by 0810 GMT, weighed down by luxury stocks. Britain’s FTSE 100 fell 0.5%.
Gold rose to an all-time high amid a general risk-off mood in the markets. [GOL/][GOL/]
A barrage of key economic data, including Euro zone’s flash preliminary GDP for the third-quarter and consumer confidence data for October, is set to be released later in the day. The UK budget, due at 1230 GMT, will also be in the spotlight.
Germany’s data deluge includes October’s preliminary CPI figures and employment data as well as flash GDP for the third-quarter.
Italy’s preliminary GDP and Spain’s estimated GDP and flash CPI figures are also due later in the day.
Data showed the French economy expanded 0.4% in the third-quarter.
In results driven moves, GSK lost 1.9% after it lowered its 2024 vaccine sales forecast.
UBS gained 2.2% after the bank posted robust third-quarter profit and almost doubled its forecasts.
Standard Chartered rose 2.8% after the lender’s quarterly profit topped market estimates.
(Reporting by Pranav Kashyap in Bengaluru)
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