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Tesco profit warning dents shares

Friday, August 29 08:18:24

European shares rose in early trade today, recovering some of the ground lost in the previous session, as investors awaited inflation figures for the euro zone which may shed light on the ECB's next move.

The FTSEurofirst 300 index of top European shares was up 0.3 percent at 1,373.36 points.

Shares in Britain's biggest retailer Tesco dropped 8.7 percent after it cut its profit forecast for the third time in three years and slashed its interim dividend by 75 percent.

Euro zone inflation, due at 0900 GMT, is seen falling to 0.3 percent in August, following a surprise dip to 0.4 percent in July, according to a Reuters poll of analysts.

The data will be at the centre of the ECB's policy meeting next week, fuelling the debate about whether the central bank should accelerate existing policy measures to fight the risk of deflation.


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