Tesco shares are sinking as European markets open

European markets are looking generally positive at the open on Wednesday.

Tesco, the largest supermarket in Britain posted an operating profit of £354 million, a slump of 55%. Like-for-like sales in the same period fell by 1.1%.

The shares are down 2.99% as of 8:10 a.m. UK time (3:10 a.m. ET)

Here’s how it looks:

The FTSE 100 as a whole is up 0.42%.

Meanwhile, brewing giant ABInBev has gone public with a £68 billion ($US103.9 billion) takeover offer for London-listed rival SABMiller, revealing it’s already had two bids knocked back by management.

ABInBev set out details of its £42.15 ($US64.30) per share offer in a statement on Wednesday.

The shares are up 2.75%.

The only major bit of economic data that we’ve had out on Wednesday morning was the miss in German industrial prodcution, which fell 1.2% in August from July, against analyst expectations for a 0.2% boost.

European markets mostly opened up a little, here’s how it stands

  • Germany’s DAX: +0.74%
  • France’s CAC 40: +0.44%
  • Italy’s FTSE MIB: -0.02%
  • Spain’s Ibex: +0.59%

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