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European shares ease from eight-month high as miners weigh

14:33 17-04-2019
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 European shares dipped on Wednesday after hitting eight-month highs in the previous session, as analysts said it was too early to call a recovery in China despite the world's second largest economy's better-than-expected first-quarter GDP growth, Euronews reports.

The pan-European STOXX 600 index was down 0.1 percent by 0726 GMT after five straight days of gains. Among country indexes, Italy's posted a modest rise.

China's economy grew 6.4 percent in the first quarter from a year earlier, defying expectations for a further slowdown, as industrial production jumped sharply and consumer demand showed signs of improvement.

Analysts said it was too early to call a sustainable turnaround there, and further policy support would be needed to maintain momentum.

BHP Group PLC fell 2.7 percent, weighing heavily on London's FTSE and the STOXX 600 as the world's biggest miner cut its forecast for iron ore output, a day after rival Rio Tinto slashed its output guidance.

The basic resources sector dropped 1.4 percent.

Bunzl was the worst performer on the pan-European index, down about 12 percent after the business supplies distributor said first-quarter growth slowed as the grocery and retail business in its biggest market - North America - remained sluggish.

Roche rose 1.2 percent as the Swiss drugmaker raised its 2019 outlook after first-quarter sales beat analyst forecasts.