European Shares Dip as Investors Brace for Key Economic Indicators

European markets opened lower, with the STOXX 600 falling as investors turned to safe-haven assets amidst a tight U.S. election. Key economic indicators from the Eurozone, UK, Germany, Italy, and Spain await release, while corporate updates influence individual stocks like GSK, UBS, and Standard Chartered.

European shares experienced a downturn on Wednesday morning as investors awaited crucial economic data from the region, seeking stability in safe-haven assets amid the political uncertainty linked to the closely contested U.S. election.

The pan-European STOXX 600 index declined by 0.5% to 515.25 points, impacted largely by a drop in luxury stocks, while Britain's FTSE 100 experienced a similar 0.5% downturn. Amidst the general risk aversion, gold surged to a record high.

Significant economic data releases are scheduled for the day, including the Eurozone's preliminary GDP figures for the third quarter and consumer confidence data for October. Meanwhile, the UK budget release is highly anticipated, as Germany prepares to disclose its preliminary CPI and employment data. Results affecting individual stocks included GSK, UBS, and Standard Chartered, with varied impacts following their latest financial announcements.

(With inputs from agencies.)