Europe open: Shares down as eyes turn to BoE rate decision

(Sharecast News) - European shares were lower at the open on Thursday as investors struggled for direction despite a rebound on US markets overnight and another dump of quarterly earnings to digest. The pan-regional Stoxx 600 index was down 0.21% at 570 by 0817 GMT with all major bourses in the red.

Investors will also be watching the Bank of England for an interest rate decision with expectations that policy makers will hold the base rate at 4%, although markets had priced in a one in three chance of a 25 basis point cut.

In economic news, German industrial production missed estimates but still rebounded to rise 1.3% month-on-month in September, according to official data published on Thursday.

The figure compares with a sharp 3.7% fall in August and expectations of a 3% rise. Federal statistics office Destatis said the change was driven by production in the automotive and electronics industries, while production in manufacturing dropped.

Activity in the construction sector weakened, dropping by 0.9% month on month.

On the equities front, shares in recruitment firm Adecco surged after it said it expected continued momentum in the final quarter of the year.

Fashion brand Zalando also jumped after posting higher quarterly profits.

Lab diagnostics maker Diasorin slumped after results published late on Wednesday.

Reporting by Frank Prenesti for Sharecast.com