European stocks flat at open

GMT 09:24 2015 Friday ,14 August

Arab Today, arab today European stocks flat at open

European stocks
London - AFP

European stock markets were largely flat at the start of trading on Friday, after ending the previous session with impressive gains on reassuring news about China's devaluation plans.

London's benchmark FTSE 100 index opened 0.03 percent lower to 6,566.19 points.

Frankfurt's DAX 30 also began the day slightly down, slipping 0.04 percent to 11,010.50 points, while the CAC 40 in Paris crept up 0.21 percent to open at 4.987.06.

Europe's main indices suffered significant losses earlier in the week on China's surprise devaluation of the yuan.

But despite a third trimming of the currency's reference rate Thursday, markets rebounded on assurances from Beijing that it does not plan to let the yuan plummet.

On Friday China's central bank slightly raised the value of the yuan against the US dollar, but investor response was tempered by speculation that further depreciations may be ahead as Beijing struggles to revive the slowing Chinese economy.

"While CNY (yuan) devaluation may be paused for the moment, it is still quite likely to see further declines over the coming months," said Angus Nicholson at IG Markets.

The devaluation had come amid recent economic data out of China has reinforced concerns that growth is slowing in the world's second largest economy -- a slump that weakening the yuan apparently seeks to reverse.

In Europe, traders were also looking ahead to a key Friday afternoon summit of Eurogroup finance ministers in Brussels to deliver their verdict on the third, 85 billion euro ($94 billion) draft bailout deal with Greece, after legislators in Athens approved the funding-for-reform accord in an early morning vote.

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