January 20, 2020 / 8:19 AM / a month ago

European shares dip as investors eye PMI data, ECB meeting

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Jan 20 (Reuters) - European shares dipped slightly on Monday after striking a record closing high in the previous session, as investors paused before launching into a week packed with economic data and the European Central Bank’s first policy meeting of the year.

The pan-European STOXX 600 index was down about 0.1%, after gaining nearly 1% on Friday on optimism around U.S.-EU trade talks to address long-standing issues such as a French digital tax and aircraft subsidies.

German shares lost 0.2%, as data showed producer prices in the euro zone’s biggest economy fell 0.2% year-on-year in December 2019, compared with a 2.7% gain a year earlier.

Investors are now awaiting readings of the Purchasing Manager’s Index from Germany, France and the euro zone on Friday, and the ECB’s monetary policy meeting on Thursday, where it is expected to keep the deposit rate unchanged at -0.50%.

Shares of oil and gas companies led gains among the major European subsectors, tracking a rise in oil prices after two large crude production bases in Libya began shutting down.

Among individual movers, British shopping centre operator Intu Properties tumbled 7.1% after saying it was targeting an equity raise by the end of February to tackle debt. (Reporting by Sagarika Jaisinghani in Bengaluru; Editing by Anil D’Silva)

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