Europe open: Shares muted after rate calls; Nike woes hit Puma, Adidas

(Sharecast News) - European shares slipped into the red at the open on Friday as investors assessed a raft of rate moves this week and the Bank of Japan's decision to lift rates to their highest level in 30 years. The pan-regional Stoxx 600 index was down 0.04% at 0851 GMT with all major bourses lower. Traders were also looking at the fallout from a sharp fall in Nike's share price overnight on the back of weakness in the sportswear giant's China markets and US tariffs on imports.

In economic news, Japanese policy makers increased the central bank's key interest rate by 25 basis points to "around 0.75%" - its highest level in three decades as price rises start to bite consumers.

The decision comes as new Prime Minister Sanae Takaichi works to balance keeping a lid on inflation while also maintain cheap government borrowing.

The Bank of England on Thursday cut rates as expected in a split 5-4 decision by policy makers. Meanwhile the European Central Bank held rates for the eurozone.

Puma and Adidas were both lower after Nike's second quarter results, which actually beat estimates, but were soured by weakness in the Chinese market and the hit from tariffs. Nike shares were down 10% in after-hours trading.

Reporting by Frank Prenesti for Sharecast.com