European Shares Subdued In Cautious Trade

(RTTNews) - European stocks were subdued on Wednesday as investors reassessed the ability of China's stimulus to boost demand.

Earlier today, China's central bank lowered the cost of its medium-term loans to bank, in a move consistent with other broad policy to shore up growth in the world's second-largest economy.

Also, Sweden's central bank has cut its key interest rate by a quarter point and said it envisioned another two cuts this year.

In economic releases, French consumer sentiment strengthened to the highest level in more than two years in September, survey results from the statistical office INSEE showed.

The consumer confidence index rose to 95 from revised 93 in August. The score was forecast to remain unchanged at August's initially estimated value of 92.0.

This was the highest score since February 2022. However, the reading was below its long-term average of 100.

The pan European STOXX 600 dropped 0.2 percent to 518.83 after rising 0.7 percent on Tuesday.

The German DAX fell 0.6 percent and France's CAC 40 dripped half a percent while the U.K.' FTSE 100 was marginally higher.

In corporate news, UniCredit shares rallied 2.4 percent. The Italian lender said that it has initiated the process of internalizing its life bancassurance business in Italy by terminating its existing agreements with CNP Assurances S.A. and Allianz S.p.A.

Valmet Oyj soared nearly 10 percent after the Finnish engineering company bagged an order worth more than 1 billion euros in Brazil.

SAP tumbled 3.8 percent after reports that the German software developer is being probed by U.S. officials for alleged price-fixing.

Lender Commerzbank gained 1 percent after appointing Bettina Orlopp as its new CEO.

Orange S.A. shares were down 1 percent in Paris. The telecom major has decided to voluntarily delist its American Depositary Shares from the New York Stock Exchange and with the U.S. Securities and Exchange Commission or SEC.

British property website Rightmove fell about 1 percent after its board unanimously turned down a revised takeover offer from Australia's REA Group, saying the increased proposal continues to be unattractive and materially undervalues the company and its future prospects.