European stocks opened slightly higher on Wednesday, after China's central bank set its currency slightly weaker than expected amid an ongoing escalation of its trade war with the U.S.
The pan-European Stoxx 600 rose by 0.2% at the opening bell, chemicals and technology stocks leading gains with a 0.7% rise while basic resources slipped 1%.
The People's Bank of China set the official midpoint reference for the yuan at 6.9996 on Wednesday, slightly weaker than expected, two days after Washington labeled Beijing a currency manipulator. The U.S. objects to the lower yuan as it makes Chinese exports cheaper on international markets, offering Chinese products a price advantage.
Source : CNBC