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European stocks were moving lower on Tuesday after data showed China’s exports and imports both sank at their fastest pace since the 2020 COVID-19 pandemic in July, threatening recovery prospects in the world’s second-largest economy<\/span>.<\/p>\n Investors also awaited key inflation readings from the world’s largest economies due this week for more clues on the growth and rate outlook.<\/p>\n Meanwhile, Germany’s inflation eased as estimated in July but remained elevated on higher food and energy prices, final data from Destatis revealed.<\/p>\n The consumer price index rose 6.2 percent year-on-year, following a 6.4 percent increase in June. The statistical office confirmed the initial estimate published on July 28.<\/p>\n Elsewhere, France’s current account deficit narrowed in the second quarter driven by the improvement in foreign trade, the Bank of France reported.<\/p>\n The current account deficit fell sharply to EUR 0.5 billion from EUR 9.1 billion in the first quarter.<\/p>\n The pan European STOXX 600 dropped 0.3 percent to 458.34 after finishing marginally higher on Monday.<\/p>\n The German DAX, France’s CAC 40 and the U.K.’s FTSE 100 were down between 0.3 percent and half a percent. <\/p>\n Italian banks were coming under heavy selling pressure after the country approved a 40 percent windfall tax on banks’ extra profits to feed items such as a reduction of the tax wedge, tax cuts and financial support to holders of mortgages on first homes.<\/p>\n Intesa Sanpaolo slumped nearly 8 percent and UniCredit plummeted 6.4 percent. <\/p>\n Regional banks Commerzbank, Deutsche Bank and BNP Paribas lost 2-3 percent. <\/p>\n Miner Glencore tumbled 3.8 percent after half-year profit dropped 50 percent.<\/p>\n Anglo American dropped 1.8 percent and Antofagasta declined 1.2 percent on concerns over slowing growth in China.<\/p>\n Asset manager Abrdn plunged almost 8 percent after reporting a drop in its assets under management.<\/p>\n German drug and pesticide maker Bayer fell about 1 percent after reporting a net loss of 1.89 billion euros for the second quarter.<\/p>\n Denmark’s FLSmidth was marginally higher after lifting its FY23 outlook. <\/p>\n<\/p>\n Market Analysis<\/p>\n<\/div>\n