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European markets edge lower as basic resources lead losses; Apple releases latest iPhone – CNBC

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European markets were slightly lower on Wednesday morning, despite record highs on Wall Street following the release of Apple‘s latest iPhone.

The pan-European Stoxx 600 edged down by around 0.26 percent during mid-morning deals, with almost all sectors in negative territory.

Geopolitical concerns

In the U.S., the S&P 500, Dow Jones industrial average and Nasdaq composite all surged to record finishes on Tuesday as investor concerns regarding North Korea and Hurricane Irma appeared to fade.

However, gains on Wall Street were capped by a decline in Apple’s shares. The stock fell around 0.6 percent amid disappointment the company would not begin taking orders for its eagerly awaited iPhone X model until October.

Elsewhere, U.S. Secretary of State Rex Tillerson is due to arrive in London for a U.K.-hosted meeting on Libya and North Korea.

Despite cooling tensions regarding the Korean peninsula, investors remained wary of another geopolitical flare-up. President Donald Trump said Tuesday that United Nations sanctions imposed on Pyongyang this week were a “very small step” and “nothing compared to what ultimately will have to happen” to combat the isolated regime’s nuclear program.

North Korea promised to double down its efforts to fight off what it said was a potential threat of U.S. invasion.

Not a Scientific Survey. Results may not total 100% due to rounding.

Global oil demand to exceed expectations in 2017

On the data front, Britain’s unemployment rate fell to a new 42-year low of 4.3 percent for the three months to July. However, average weekly earnings were weaker-than-anticipated, rising 2.1 percent in the second-quarter.

Meantime, global oil demand appeared set to accelerate faster than expected this year, according to the International Energy Agency (IEA), which has revised up its 2017 growth estimates.

Strong second-quarter demand has buoyed oil markets, which have been struggling to rebalance as a supply glut has weighed heavily on prices, the IEA said in its September report released Wednesday.

— CNBC’s Karen Gilchrist contributed to this report.

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European markets edge lower as basic resources lead losses; Apple releases latest iPhone – CNBC

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