European shares slip as China-fueled rally loses steam By Reuters

(Reuters) – European shares opened lower on Wednesday as a rally sparked by China’s stimulus package lost steam, while losses in technology and oil stocks also added , at losses.

The pan-European index was down 0.3 percent at 518.06 as of 0712 GMT, after gaining nearly 1 percent in the previous session.

In Asia, Chinese shares extended their stimulus-fueled rally into the second day as other markets struggled for direction. (MKTS/GLOB)

SAP fell 3.5 percent after a report said the German software developer was being investigated in the United States for alleged price fixing. The stock weighed the most on the benchmark and dragged the technology sub-index down 0.8%.

The oil and gas sector led sectoral declines, losing 0.9 percent on concerns that China’s stimulus plans did not do enough to boost demand. (OR)

40 ticked 0.7% lower after gaining more than 1% in the previous session. Data showed that consumer confidence in the country rose in September. The country’s employment data is due at 1000 GMT.

Official data showed Sweden’s producer price index rose 0.6 percent in August from July. The benchmark OMXS 30 was unchanged.

Among other notable stock moves, Valmet Oyj rose 9.2 percent after the Finnish engineering company secured an order worth more than €1 billion in Brazil.