© Reuters. An electronic screen displays data for the German DAX index on the Frankfurt Stock Exchange on July 7, 2023. Photo: Reuters.
(Reuters) – European stocks fell on Monday, after posting big weekly losses, as below-expected inflation data from China stoked fears of weak demand, while investors awaited US inflation data as well as corporate earnings due later this week.
The European index fell 0.3 percent in early trading, with mining and car companies linked to China leading the losses.
Asian markets fell after data showed that producer prices in China fell at the fastest rate in seven and a half years in June, while consumer price inflation recorded its slowest level since 2021.
The benchmark STOXX 600 index posted its worst weekly performance in nearly four months on Friday after hawkish signals from central bank policymakers and data showing the resilience of the US economy added to concerns that interest rates could remain high for longer.
Bayer rose 2.5 percent after a report said the German drug and pesticide giant could spin off and list its crop science unit.
Kering fell 0.3 percent after the Financial Times reported that the company that owns the Gucci brand paid 3.5 billion euros ($3.83 billion) to buy French luxury perfume company Creed in June.
(Prepared by Mahmoud Reda Murad for the Arabic Bulletin – Edited by Mahmoud Abdel-Gawad)
2023-07-10 08:21:00
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