European stocks dip amid investor caution over global growth

The pan-European STOXX 600 was down around 0.2% shortly after the opening bell, with sectors and major bourses largely in negative territory.

Petroleum firm Rubis tumbled toward the bottom of the European benchmark during early trade, after Bloomberg reported the CEO of KenolKobil – an African oil company being taken over by the firm – was set to step down following long-term corruption allegations. Shares of Rubis were down almost 7% during early morning deals.

Elsewhere, shares of British vehicle manufacturer Rolls Royce were trading higher after the company announced a deal with Korea’s Air Premia that will see the firm make engines for its deamliner jets.

Market focus is largely attuned to the start of first-quarter corporate earnings as well as fears over global growth outlook.

But investors are relieved after talks between EU leaders and British Prime Minister Theresa May earlier this week culminated in a “flexible extension” of the U.K.’s departure from the bloc until Oct. 31.

The International Monetary Fund (IMF) chief Christine Lagarde said while the six-month delay avoids the terrible outcome of a “no-deal” scenario, it does nothing to lift uncertainty off the final outcome.

“At least the UK is not leaving on April 12 without a deal. It gives time for continued discussions between the various parties involved in the UK. It probably gives time for economic agents to better prepare for all options, particularly industrialists and workers, in order to try to secure their future,” Lagarde said during the IMF and World Bank spring meetings in Washington.

Meanwhile, U.S. Federal Reserve Vice Chairman Richard Clarida told CNBC on Thursday that officials at the central bank see no reason to move interest rates in either direction at present.

Clarida’s comments came a day after the FOMC released minutes from its March meeting, at which the Fed adjusted its forecast to no rate moves this year. The minutes reflected a central bank that will watch data closely this year, with some members leaving open the chance of a rate hike if conditions continue to improve.

Oil prices rose in the afternoon of Asian trading hours, with international benchmark Brent crude futures adding 0.28% to $71.03 per barrel and U.S. crude futures gaining 0.36% to $63.81 per barrel.