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European shares inch lower; services PMI awaited

Published 02/05/2020, 04:10 PM
Updated 02/05/2020, 04:16 PM
European shares inch lower; services PMI awaited
SIEGn
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STOXX
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SXPP
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
Feb 5 (Reuters) - European shares retreated from recent
gains on Wednesday as concerns over the virus outbreak in China
persisted, while markets also waited for service-sector activity
data from the bloc.
The pan-European STOXX 600 .STOXX index fell 0.2% by 0803
GMT, having recently recovered from a week of heavy selling as
investors gauged the economic fallout from the fast-spreading
coronavirus.
The focus now turns to the January reading for IHS Markit's
services purchasing managers' index, which is expected at 0900
GMT.
The figure will help gauge the health of the services sector
in the euro zone, which has largely supported business activity
amid a manufacturing slump.
Oil and gas stocks .SXPP were among the worst performing
regional subindexes for the day, losing 0.8%.
German conglomerate Siemens AG SIEGn.DE fell 1% after
posting a weaker-than-expected industrial profit during its
first quarter owing to a broader manufacturing decline.

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