FTSE 100 down 0.33%; DAX down 0.56%; CAC 40 down 0.65% (Il Sole 24 Ore Radiocor) - Milan, 16 Jul - European shares opened moderately lower in cautious trade, extending yesterday's losses after a mixed close in Asia and gains on Wall Street overnight. The Stoxx 600 index was down 0.37%.

In the region's stock market dealings most sectors were lower, with miners and auto stocks among the biggest decliners.

Shares in German fashion company Hugo Boss sank 8.03% in Frankfurt dealings after the company slashed its full-year sales outlook amid 'persistent macroeconomic and geopolitical challenges.' A strong close on Wall Street yesterday helped cap the losses after dovish comments from Federal Reserve chair Jerome Powell rekindled hopes of an interest rate cut this year.

Powell said the Fed will not wait until inflation hits 2% to cut interest rates, as the central bank's policy works with 'long and variable lags.' 'If you wait until inflation gets all the way down to 2%, you've probably waited too long,' Powell said.

Investors also assessed the impact an assassination attempt on former US President Donald Trump at a rally over the weekend that boosted expectations the Republicans will win the presidential elections against incumbent Joe Biden.

Data from betting marketplace PredictIt indicated his chances have ticked higher to more than 65%, putting him in a strong position with just over three months to go before the vote.

At 0735 GMT the London FTSE 100 was down 0.33% at 8,155 points, the Frankfurt DAX was down 0.56% at 18,496 points, the Paris CAC 40 down 0.65% at 7,583 points, while in Milan the FTSE MIB was down 0.70% at 34,106 points, and in Madrid the IBEX 35 was down 0.85% at 11,048 points.

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(RADIOCOR) 16-07-24 09:52:58 (0207) 5 NNNN