European shares dip ahead of ECB policy decision; BP shines

By Thomson Reuters Apr 9, 2024 | 2:29 AM

(Reuters) – European shares opened lower on Tuesday, with investors stepping to the sidelines ahead of this week’s U.S. inflation data and a European Central Bank monetary policy decision, while gains in British energy giant BP and miners kept losses in check.

The pan-European STOXX 600 index was down 0.2%, as of 0716 GMT, after notching its strongest session in more than two weeks on Monday.

Traders kept away from big bets ahead of the key U.S. print on Wednesday and the ECB’s decision on Thursday that could determine the outlook for interest rate cuts.

Among major movers, shares of BP rose 1% after the company forecast its first-quarter oil and gas output as well as low-emission energy to increase quarter-on-quarter.

Also limiting losses, the basic resources sector climbed nearly 1%, as Shanghai copper prices traded at record highs on optimism around positive factory data out of major economies. [MET/L]

Shares of Atos dropped 2% in a volatile trade after the struggling French IT consulting firm posted an update on its financial restructuring plan.

(Reporting by Johann M Cherian and Ozan Ergenay; Editing by Sherry Jacob-Phillips)