European stocks dipped in early trade today, snapping a two-session rally, with energy shares sliding as oil fell to below $114 a barrel.
UBS was up 2.4 per cent, reversing early losses, as the Swiss bank unveiled a plan to break up its business into three autonomous units, and posted a worse-than-expected quarterly loss.
At 0717 GMT, the FTSEurofirst 300 index of top European shares was down 0.4 per cent at 1,208.30 points. The index gained 1.2 per cent yesterday, ending at a six-week closing high.
Total lost 0.6 per cent and Royal Dutch Shell dipped 0.3 per cent.
"Overall, the sentiment is not bad for stocks as commodities retreat, but appetite for some metal and energy shares is falling a bit," said Rik Zwaneveld, trader at AFS Brokers, in Amsterdam.
US crude oil futures shed $1 to $113.45 a barrel as the rally in the dollar eclipsed worries over possible supply disruptions due to the Russia-Georgia conflict.
The euro fell to a six-month low against the dollar today on growing concern that Europe is headed for a sharper economic downturn than the market had first anticipated.
Reuters