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European shares dip on trade, German 5G auction lifts telecom index

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European shares dip on trade, German 5G auction lifts telecom index
FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, June7, 2019. REUTERS/Staff   -   Copyright  STAFF(Reuters)
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(Reuters) – European shares dipped on Thursday, tracking Asian markets lower after more violent protests in Hong Kong and weighed down by doubts over the United States and China’s ability to reach a trade deal any time soon.

The pan-European STOXX 600 index fell 0.24% at 0709 GMT, with traders also pointing to nerves over the scale of monetary easing priced in to markets over the past two weeks.

U.S. inflation data on Wednesday inflated the number of Federal Reserve rate cuts priced in to the money market to three this year. Germany’s final inflation reading for May came in line with estimates on Thursday.

Europe’s telecom providers index bucked the trend to gain 0.3% after Germany completed its 5G mobile spectrum auction, handing a licence to new entrant 1&1 Drillisch and its parent United Internet.

Shares in Drillisch and United Internet rose by 13% and 8% compared to a just 0.2% rise for the country’s former monopoly Deutsche Telekom, whose chief Dirk Woessner said the process had led to high prices and left a “bitter aftertaste”.

(Reporting by Amy Caren Daniel and Medha Singh in Bengaluru; editing by Patrick Graham)

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