European Shares Edge Lower On China Growth Concerns
European stocks traded lower on Monday after data showed the Chinese economy grew just 0.8 percent in the June quarter, down from 2.2 percent in the first three months of 2023.
Other reports on industrial output, retails sales, fixed asset investment and unemployment proved to be a mixed bag, raising concerns about an uneven economic recovery in the country.
Elsewhere, data out of U.K. showed the average price of property coming to market fell by £905 to £371,907 this month due to rising mortgage costs, property listing platform Rightmove said.
The pan European STOXX 600 was down 0.4 percent at 458.80 after closing 0.1 percent lower on Friday.
The German DAX slipped 0.3 percent, France’s CAC 40 fell nearly 1 percent and the U.K.’s FTSE 100 was down 0.2 percent.
Eurozone bond yields treaded water while the dollar index stabilized after having fallen over 2 percent last week to touch its weakest level since April.
Miners Anglo American, Antofagasta and Glencore lost 2-3 percent in London on China recovery concerns, while housebuilders Barratt, Persimmon and Taylor Wimpey all were down around half a percent.
Costain Group shares jumped 5 percent. The engineering and construction company announced that United Utilities Group PLC, a water service provider in U.K., has extended the contract for a further two years from May 2024 to May 2026. Shares of the latter were up 1.2 percent.
Ladbrokes-owner Entain declined 1.3 percent after it agreed to acquire U.S.-based Angstrom Sports for 122 million pounds ($159.5 million).
China-related luxury-goods makers such as Kering, Hermes and LVMH fell between 1.5 percent and 3.4 percent in Paris.
Luxury Swiss retailer Richemont plummeted 9 percent after its sales figures showed a slowdown in U.S. demand.
Beer company Carlsberg tumbled 3.2 percent after the Russian state took control of its stake in a local brewer.
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