FTSE down 0.44%; DAX down 0.85%; CAC 40 down 0.47% (Il Sole 24 Ore Radiocor) - Milan, 06 Sep - European shares opened lower, dropping for a fourth straight session as concerns over a global economic slowdown continued to weigh on investor sentiment.

The Stoxx 600 index was down 0.57%, tracking losses on Wall Street overnight and extending the week's selloff.

Investors braced for the closely watched US jobs report due later today, amid growing expectations that the Federal Reserve may opt for significant rate cuts following some soft jobs and manufacturing data. Currently, markets are pricing in a 41% probability of a 50 basis point rate cut at the Fed's September 17-18 meeting, up from 38% the previous day, according to the CME FedWatch tool. Traders are also anticipating a total of 110 basis points in rate cuts by year-end, with three Fed meetings remaining.

Back in the region, data showed that in July German industrial production in real terms fell 2.4% on the previous month on a seasonally and calendar adjusted basis, and dropped 5.3% year on year, on a calendar adjusted basis. In June, industrial production rose a revised 1.7% on the previous month and was down 3.7% year on year.

In July 2024, industrial output in France fell by 0.5% compared to the previous month after rising 0.8% in the previous month, according to data from statistics institute Insee.

At 0735 GMT the London FTSE 100 was was down 0.44% at 8,205 points, the Frankfurt DAX was down 0.85% at 18,436 points, the Paris CAC 40 was down 0.47% at 7,397 points, while in Milan the FTSE MIB was down 0.73% at 33,439 points, and in Madrid the IBEX 35 was down 0.56% at 11,210 points.

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(RADIOCOR) 06-09-24 09:54:20 (0204) 5 NNNN