European Stocks Open Lower Side - 28.05.2014
European stock markets opened lower Wednesday, correcting from a 6-year high reached the previous day after 5 session of gains.
The Stoxx Europe 600 dropped 0.26% to 343.57 weighed by Osram Licht AG which fell more than 7% on downbeat revenues forecast. On the other hand, Telecom Italia was among the top-index performers rising more than 4% after Goldman Sachs put the shares on its conviction buy list.
The UK's FTSE fell 0.09%, the German DAX 300 lost 0.06%, France's CAC dropped 0.22% and Spanish Ibex shed 0.26%. On the flip side, Italian FTSE MIB rose 0.13% lead higher by Telecom.
Elsewhere, gold was nearly flat around $1265 an ounce after losing more than 2% the previous day. Crude oil remained firm just below $104.00 a barrel after a short-lived dip.
In the FX market, the USD trades a tad firmer against majors, with the main exception of the yen. The EUR/USD traded at 1.3620, not far from its 2 ½-month low of 1.3611, while the GBP/USD fell to a 2-week low of 1.6760.