European stocks open lower on ahead of US inflation data

European shares opened trading Thursday, November 10, with declines, led by the real estate sector, amid anticipation of inflation data in the United States to determine whether the US Federal Reserve will ease the monetary tightening policy.

The Stoxx 600 index was down 0.3% by 08:14 GMT, ending three days of gains on Wednesday.

European real estate stocks fell 1.7%. The sector’s losses were led by German housing stock LEG Immobilian, which fell 6.8% after the company slightly lowered its profit forecast for this year due to the acceleration of the increase in construction costs, as well as the rise in interest and energy prices.

Germany’s Knorr Bremsze Brake Systems shares jumped 5.3%, briefly topping the Stoxx 600 index, after the company reported better-than-expected earnings in the third quarter.

With the final results of the US midterm elections undecided, investors are looking forward to consumer price data due to be released later today.

A Reuters poll expected the data to show a slowdown in inflation on both the monthly and annual basis in October.