European shares fall before the release of important economic data

European shares fell in early trading on Wednesday, ahead of key business growth data, as broader markets awaited the potential fallout from US House Speaker Nancy Pelosi’s visit to Taiwan.

The pan-European Stoxx 600 index was down 0.2 percent by 7:10 GMT.

Investors are awaiting important data on business and services growth in the eurozone to gauge the continent’s economic situation amid fears of a recession.

Luxury car maker BMW shares fell 5.5 percent after warning of high volatility in the year’s second half.

Strong earnings reports from other companies limited losses in morning trading.

Infineon, a major supplier of microchips to the auto sector, rose 3.1 percent as the company raised its full-year forecast and announced a 33 percent year-over-year increase in its quarterly revenue.

London-listed Avast shares jumped 42.4 percent.