European shares open lower before ECB meeting


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    MILAN, June 14 (Reuters) - European shares fell on Thursday
in cautious trade after the U.S. Fed sounded slightly hawkish
overnight and ahead of an ECB meeting in which the central bank
will debate the end of its huge asset purchases.
    All sectors traded in negative territory with basic
resources stocks  .SXPP , down 1.3 percent, leading the fall
following weaker data from big metals consumer China. 
    By 0715 GMT, the pan-European STOXX 600  .STOXX  index was
down 0.6 percent, while Britain's FTSE  .FTSE  was down 0.6
percent and Germany's DAX  .GDAXI  fell 0.5 percent.
    The European Central Bank will debate whether to end its
huge asset purchases by year-end, in what would be its biggest
step towards dismantling crisis-era stimulus credited with
pulling the euro zone economy out of recession.*:nL8N1TG0UZ
    Bucking the broader weakness were shares in heavyweight
drugmaker GSK  GSK.L , up 1 percent. Investors welcomed news
that its two-drug treatment for HIV met its main goal in late
stage studies - a big win after regulators warned of possible
birth defects from one of the two drugs.*:nL8N1TG0V4
    Rolls-Royce  RR.L  was another bright spot, up 3.2 percent,
after saying it would save 400 million pounds a year by cutting
4,600 jobs in its latest attempt to simplify the business and
generate more cash.*:nL8N1TG0QV
    On the DAX, Volkswagen  VOWG_p.DE  fell 0.9 percent after
the carmaker was fined one billion euros over diesel emissions
    Still in Germany, leasing company Grenke  GLJn.DE  announced
a cash capital increase of up to 200 million euros. Its shares
were among the leading losers on the STOXX, down 4.5 percent.

 (Reporting by Danilo Masoni, Editing by Helen Reid)
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