Europe: Shares dip early; Hermes falls after results

[PARIS] European shares dipped in early trading on Wednesday, hovering below 7-1/2-year highs, as investors awaited a survey on German business climate for insight on the outlook for Europe's biggest economy.

Shares in Hermes featured among the biggest losers, down 1.9 per cent, after the French luxury goods maker posted a 7 per cent rise in full-year operating income but said foreign exchange rates dragged its margin lower. Hermes has a strong exposure to Japan.

At 0810 GMT, the FTSEurofirst 300 index of top European shares was down 0.3 per cent at 1,600.35 points.

Data released earlier on Wednesday showed French business morale stood at its highest in nearly three years in March.

REUTERS