Wednesday, October 31, 2012

European shares hit by BG production warning

European stocks dipped today, led by heavyweight British oil and gas firm BG Group after it warned it would show no production growth next year.

The FTSEurofirst 300 closed down 0.5 percent at 1,097.54, reflecting weakness on Wall Street, which reopened after a two-day stoppage after super storm Sandy caused widespread damage to the US eastern coast.

In Asia, Japan's Nikkei share average advanced as investors took comfort that some firms, such as Hitachi Ltd and Komatsu Ltd, did not cut their full-year earnings guidance as feared.

The Nikkei rose 1 percent to 8,928.29 points, regaining ground which was lost in the previous session after the Bank of Japan eased policy in line with expectations, disappointing some who had hoped the central bank would take bolder steps to lift the economy out of deflation.