Europe: Shares weighed down by miners; Munich RE shrugs off warning

[MILAN] European shares inched lower in opening deals on Thursday, weighed down by weaker mining stocks, while Munich RE shrugged off a profit warning.

The pan-European Stoxx 600 index was down 0.1 per cent, with the basic resources sector taking most points off the index as a decline in industrial metals and disappointing data from China hit shares in heavyweight miners Rio Tinto, Glencore and BHP Billiton.

Munich RE was up 0.1 per cent. The German reinsurance company said it could miss its profit target this year due to losses from hurricanes Harvey and Irma.

Among outstanding gainers was Next up 8 per cent, after the British clothing retailer nudged its full-year sales and profit guidance higher.

UK's FTSE fell 0.1 per cent ahead of the Bank of England policy meeting later in the day.

REUTERS