Title: European shares open lower as U.S. inflation data looms; Ahold jumps

Aug 10, 2022 03:40AM ET

By: AnalysisWatch

European stocks were lower at the open on Wednesday on losses in technology shares ahead of key inflation data in the United States, while gains in Ahold Delhaize, the biggest supermarket, kept the decline at bay.

The pan-European STOXX 600 index was down 0.2% in the first half hour of trading.

A higher-than-expected US consumer price index report for July could spook markets, which are already expecting a high probability of a 75 basis-point interest rate hike by the Federal Reserve next month.

Shares of interest rate-sensitive technology companies lost 0.5%, leading declines in individual sectors, as money markets in the eurozone now fully price in a half-percentage point interest rate hike by the European Central Bank in September.

The STOXX 600 Index was helped to pare losses by a 5.9% jump in Ahold Delhaize, which carried it to the top of the index.

The Dutch company announced that it is postponing plans for an initial public offering (IPO) of its non-food retail chain Bol.com due to unfavorable market conditions.