2014.07.2508:16:30UTC+00European shares inch down ahead of earnings report

European shares are little changed in the opening last day of this week’s trade with just a slight dip as investors anticipate the corporate earning report and further developments in Ukraine and Gaza as it affects the economic data.

The pan-European Euro Stoxx 600 Index is flat. The European markets opened cautiously on Friday with the second-quarter earnings season continuing. UK’s FTSE 100 Index is provisionally lower, losing 0.13% or 9.19 pips to 6,812.27. Germany’s DAX Index and France’s CAC 40 Index are down by 0.50% or 48.56 pips to 9,745.50 and 0.69% or 30.57 pips to 4,380.08 respectively. The IBEX 35 Idx managed to keep in positive territory climbing by 0.41% or 44.40 pips to 10,905.10.

Chief market analyst at Avatrade, Naeem Aslam commented that the numbers shown in today’s trade are “appalling” with the euro inching down versus the dollar. Aslam adds that the sanctions imposed on Russia are a nuisance for German companies as reflected in the current data.

Meanwhile, the economy of UK extended its strong growth for the second quarter of this year. It is now bigger than the economy pre-crisis back in 2008. The GDP of UK was reported to be around 0.8% for this quarter that sat well with economists’ forecast as per the Office of National Statistics or ONS. The UK FTSE 100 turned to incline following this report.