Economy National

European stocks open slightly higher as Turkey crisis weighs on sentiment

Shares in Europe open slightly higher Wednesday as concerns over the Turkish currency crisis continue to affect investors’ appetite. However, trading flows were also sluggish as a number of European bourses are closed due to a public holiday, including Italy, Greece and Austria.

The pan-European Stoxx 600 was up by 0.18 percent with most sectors trading in positive territory.

In Asian trading was mostly lower, failing to follow the positive beat on the Wall Street. Investors remain wary of potential economic spill overs from Turkey, where a spat with the United States and certain economic policies have led to a sharp fall in the value of its currency. The lira was down about 2 percent against the dollar and the euro at about 6.20 a.m. London time.

In other news, China has argued that the solar tariffs introduced by the United States on Beijing earlier this year violate trade rules and has issued a complaint at the World Trade Organization.

Meanwhile, in the corporate world, Royal Bank of Scotland has announced that it will pay $4.9 billion to settle a U.S. investigation into misconduct between 2005 and 2008. Air France-KLM is to appoint Air Canada’s chief operating officer Benjamin Smith as its new boss on Thursday, according to local newspaper Liberation.

On the earnings front, Vestas Wind and Balfour Beatty are due to announce their latest results.

In the U.K., there will be core inflation numbers out at 9.30 a.m. London time.

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