{"id":15139,"date":"2021-10-18T17:01:28","date_gmt":"2021-10-18T17:01:28","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2021\/10\/18\/european-stocks-close-lower-as-weak-chinese-data-raise-growth-worries\/"},"modified":"2021-10-18T17:01:28","modified_gmt":"2021-10-18T17:01:28","slug":"european-stocks-close-lower-as-weak-chinese-data-raise-growth-worries","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2021\/10\/18\/european-stocks-close-lower-as-weak-chinese-data-raise-growth-worries\/","title":{"rendered":"European Stocks Close Lower As Weak Chinese Data Raise Growth Worries"},"content":{"rendered":"
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European stocks closed on a weak note on Monday after languishing in negative territory right through the day’s session as data showed a marked slowdown in Chinese economic growth amid power shortages and supply chain bottlenecks.<\/p>\n

Worries surrounding China’s property market due to the debt woes of China Evergrande added to the woes.<\/p>\n

Fears over inflation following oil’s climb to multi-year peaks hurt as well.<\/p>\n

China’s gross domestic product expanded 4.9% on year in the third quarter of 2021, the National Bureau of Statistics said on Monday – missing forecasts for 5.2% and down sharply from 7.9% in the three months prior.<\/p>\n

On a seasonally adjusted quarterly basis, GDP rose just 0.2% – again missing expectations for 0.5% and down from the downwardly revised 1.2% growth in the previous three months (originally 1.3%).<\/p>\n

The bureau also said that China’s industrial production gained 3.1% on year in September, missing forecasts for 4.5% and slowing from 5.1% in August.<\/p>\n

The British pound sterling touched a 20-month high versus the euro after Bank of England Governor Andrew sent a fresh signal that the central bank is gearing up to raise interest rates for the first time since the onset of the coronavirus<\/span> crisis.<\/p>\n

The pan European Stoxx 600 declined 0.5%. The U.K.’s FTSE 100 ended 0.42% down, Germany’s DAX shed 0.72% and France’s CAC 40 slid 0.81%, while Switzerland’s SMI edged up 0.06%.<\/p>\n

Among other markets<\/span> in Europe, Belgium, Czech Republic, Finland, Greece, Iceland, Ireland, Netherlands, Portugal, Russia, Spain and Sweden closed weak.<\/p>\n

Denmark, Norway, Poland and Turkey ended higher, while Austria closed flat.<\/p>\n

IAG declined nearly 4%. Informa and Anglo American Plc both ended lower by almost 3%. Antofagasta, Whitbread, BT Group, Smurfit Kappa Group, Compass Group, Land Securities, Burberry Group, Barratt Developments, Melrose Industries, Coca-Cola HBC, Aviva and Prudential lost 1.4 to 2.5%.<\/p>\n

Hargreaves Lansdown climbed 2.55%. Fresnillo, Evraz, Pershing Square Holdings, Entain, Polyemtal International and National Grid gained 1 to 2.05%,<\/p>\n

British gaming company Playtech soared 55% after it agreed a 2.1-billion-pound takeover offer by Australia’s Aristocrat Leisure.<\/p>\n

Shares of online retailer The Hut Group zoomed more than 20% after the company confirmed plans to overhaul its corporate governance.<\/p>\n

In the French market, Unibail Rodamco ended more than 4% down. Accor, Safran, Sodexo, Kering, Valeo and Air France-KLM lost 2 to 3%. Renault, Carrefour, Publicis Groupe and Michelin also closed notably lower.<\/p>\n

China-exposed luxury stocks including LVMH and Kering shed more than 2% after Chinese President Xi Jinping’s call to expand a consumption tax.LVMH ended lower by more than 2%.<\/p>\n

Valneva shares jumped nearly 33% after the biotech company reported positive Phase 3 results for its inactivated, adjuvanted Covid-19 vaccine candidate.<\/p>\n

In Germany, Porsche Automobil, Covestro, Volkswagen, Daimler, Bayer, Fresenius Medical Care, MTU Aero Engines, BASF, BMW and Puma shed 1 to 4%.<\/p>\n

HelloFresh gained nearly 2%. Deutsche Bank, Infineon Technologies and Deutsche Post also closed on a firm note.<\/p>\n

Shares of Dutch consumer electronics giant Philips Electronics NV drifted lower after the company trimmed its outlook for fiscal 2021 after reporting weak EBITA and sales in its third quarter. <\/p>\n<\/p>\n

Market Analysis<\/p>\n<\/div>\n