Financials drag; food, tobacco and drugs lend support — TradingView News

Trump Says China Tariffs “Not Sustainable” Amid Ongoing Trade Tensions, Markets React — TradingView News

FINANCIALS DRAG; FOOD, TOBACCO AND DRUGS GIVE SUPPORT

European shares opened slightly weaker on Wednesday, though selling pressure eased after four straight sessions of heavy losses driven by concerns over lofty tech valuations ahead of Nvidia earnings after today’s Wall Street close.

Financials were the biggest drag, with the banks index (.SX7P) hitting a fresh 3-week low, last down 0.6% after Tuesday’s 2.8% drop.

Consumer staples attracted some demand, likely on their defensive appeal, with food group Nestle NESN, British American Tobacco BATS, Unilever ULVR and drugmaker Roche RO edging higher. Oil & gas stocks (.SXEP) also outperformed.

The broader STOXX 600 SXXP was last down 0.1%, while some national indices managed to trade above par.

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