European shares close steady after weak data from China and miners on the radar

European shares closed steady on Monday as gains from mining companies limited declines, while French and German stocks were the biggest losers after the release of alarmingly weak economic data from China, which stoked fears of a global recession.

Chinese retail sales in April fell 11.1%, nearly double the decline forecast, while industrial production fell 2.9% as analysts had expected a slight rise, raising concerns that the world’s second-largest economy could contract this quarter due to the lockdowns against Covid-19.

The pan-European STOXX 600 index closed up 0.04% at 433.67 points after posting its first weekly gain in five on Friday. Tightening monetary policy and signs of further action, lockdowns in China and the war between Russia and Ukraine have dampened sentiment this year, with the STOXX 600 down about 11% so far.

European miners rose 1.5% and offset declines in the main index as industrial metal prices rose.

• In London, the Financial Times index advanced 0.63%, to 7,464.80 points;
• In Frankfurt, the DAX index fell 0.45% to 13,964.38 points;
• In Paris, the CAC-40 index lost 0.23%, to 6,347.77 points;
• In Milan, the Ftse/Mib index had a devaluation of 0.06%, to 24,033.05 points;
• In Madrid, the Ibex-35 index registered an increase of 0.19%, to 8,353.70 points;
• In Lisbon, the PSI20 index rose by 0.64%, to 5,741.48 points.