European shares open lower as real estate stocks fall ahead of U.S. CPI data – Reuters

Nov 10 (Reuters) – European shares edged lower at the open on Thursday, with real estate stocks leading declines, ahead of a closely watched reading on U.S. inflation to determine whether the Federal Reserve’s aggressive monetary policy has taken hold.

The pan-European STOXX 600 index (.STOXX) fell 0.3% by 0814 GMT, after snapping a three-day winning streak on Wednesday.

European real estate stocks (.SX86P) slid 1.7%, leading sectoral declines, with German housing group LEG Immobilien (LEGn.DE) shedding 6.8% after slightly lowering its profit forecast for this year on rapidly increasing construction costs, rising interest rates and high energy prices.

In a bright spot, shares of Knorr Bremse (KBX.DE) advanced 5.3%, briefly to the top of the STOXX 600 after the German braking systems maker reported better-than-expected third quarter earnings.

As the U.S. midterm elections continued with no final results, investors looked towards U.S. consumer prices data later in the day, which will likely show a slowing in both the monthly and yearly core numbers for October, according to a Reuters poll.

Reporting by Shreyashi Sanyal in Bengaluru; Editing by Dhanya Ann Thoppil

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