Investing.com - European stocks turned sharply lower on Monday, after official data showed that Chinese first quarter growth came in below expectations, adding to concerns over the outlook for global growth.
During European afternoon trade, the EURO STOXX 50 plummeted 0.91%, France’s CAC 40 tumbled 1.01%, while Germany’s DAX 30 plunged 1.03%.
Market sentiment weakened as official data showed that the Chinese economy expanded by 7.7% year-on-year in the three months to March, down from 7.9% in the fourth quarter and undershooting expectations for 8.0% growth.
Separate reports showed that Chinese industrial production also came in below expectations, while retail sales rose slightly more than forecast.
The data reinforced concerns over the outlook for global growth after data on Friday showed that U.S. retail sales fell 0.4% in March, the largest decline in nine months.
Financial stocks turned broadly lower, as shares in French lenders BNP Paribas and Societe Generale dove 1.60% and 2.77%, while Germany's Deutsche Bank and Commerzbank retreated 1.37% and 1.71% respectively.
Peripheral lenders added to losses, with Italian banks Intesa Sanpaolo and Unicredit declining 0.08% and 0.80%, while Spain's Banco Santander and BBVA slumped 0.76% and 1.32%.
Elsewhere, Deutsche Telekom retreated 0.46%, erasing earlier gains, amid reports Dish Network Corp. approached the company about a potential merger with its U.S. unit.
In London, commodity-heavy FTSE 100 tumbled 1.17%, weighed by losses in mining and oil stocks.
BHP Billiton and Rio Tinto plunged 3.51% and 3.56%, while rivals Polymetal and Fresnillo sank 9.81% and 16.54% respectively.
Copper producers Xstrata and Kazakhmys also continued to trend sharply lower, diving 5.50% and 6.39%.
In addition, oil and gas major Anglo American plummeted 4.32%, while BP and Petrofac declined 1.16% and 4.07.
In the financial sector, stocks turned broadly lower. Shares in Lloyds Banking retreated 0.47% and HSBC Holdings tumbled 1.05%, while Barclays and the Royal Bank of Scotland plunged 1.64% and 2.28% respectively.
In the U.S., equity markets pointed to a lower open. The Dow Jones Industrial Average futures pointed to a 0.35% loss, S&P 500 futures signaled a 0.53% decline, while the Nasdaq 100 futures indicated a 0.43% drop.
Also Monday, Eurostat said the euro zone posted a trade surplus of EUR12.0 billion in February, up from a revised surplus of EUR8.7 billion in January.
Economists had expected a surplus of EUR9.9 billion in February.
Later in the day, the U.S. was to release data on manufacturing activity in New York state.
During European afternoon trade, the EURO STOXX 50 plummeted 0.91%, France’s CAC 40 tumbled 1.01%, while Germany’s DAX 30 plunged 1.03%.
Market sentiment weakened as official data showed that the Chinese economy expanded by 7.7% year-on-year in the three months to March, down from 7.9% in the fourth quarter and undershooting expectations for 8.0% growth.
Separate reports showed that Chinese industrial production also came in below expectations, while retail sales rose slightly more than forecast.
The data reinforced concerns over the outlook for global growth after data on Friday showed that U.S. retail sales fell 0.4% in March, the largest decline in nine months.
Financial stocks turned broadly lower, as shares in French lenders BNP Paribas and Societe Generale dove 1.60% and 2.77%, while Germany's Deutsche Bank and Commerzbank retreated 1.37% and 1.71% respectively.
Peripheral lenders added to losses, with Italian banks Intesa Sanpaolo and Unicredit declining 0.08% and 0.80%, while Spain's Banco Santander and BBVA slumped 0.76% and 1.32%.
Elsewhere, Deutsche Telekom retreated 0.46%, erasing earlier gains, amid reports Dish Network Corp. approached the company about a potential merger with its U.S. unit.
In London, commodity-heavy FTSE 100 tumbled 1.17%, weighed by losses in mining and oil stocks.
BHP Billiton and Rio Tinto plunged 3.51% and 3.56%, while rivals Polymetal and Fresnillo sank 9.81% and 16.54% respectively.
Copper producers Xstrata and Kazakhmys also continued to trend sharply lower, diving 5.50% and 6.39%.
In addition, oil and gas major Anglo American plummeted 4.32%, while BP and Petrofac declined 1.16% and 4.07.
In the financial sector, stocks turned broadly lower. Shares in Lloyds Banking retreated 0.47% and HSBC Holdings tumbled 1.05%, while Barclays and the Royal Bank of Scotland plunged 1.64% and 2.28% respectively.
In the U.S., equity markets pointed to a lower open. The Dow Jones Industrial Average futures pointed to a 0.35% loss, S&P 500 futures signaled a 0.53% decline, while the Nasdaq 100 futures indicated a 0.43% drop.
Also Monday, Eurostat said the euro zone posted a trade surplus of EUR12.0 billion in February, up from a revised surplus of EUR8.7 billion in January.
Economists had expected a surplus of EUR9.9 billion in February.
Later in the day, the U.S. was to release data on manufacturing activity in New York state.