European shares tumbled on Monday, dragged down by the energy sector amid fears of a global economic slowdown intensified by disappointing Chinese economic data and a contraction in euro zone manufacturing activity.
The pan-European STOXX 600 index fell 0.1%, reversing earlier gains at the end of a volatile session.
Factories in the United States, Europe and Asia struggled to gain momentum in July as sluggish global demand and Chinese Covid-19 restrictions took a toll on output, surveys showed that stoked fears of a recession.
Energy stocks tumbled 1.5%, breaking six straight days of gains as oil prices fell sharply after the global manufacturing data.
“The picture painted is looking increasingly bleak for the European Union, and a detailed analysis of the numbers shows lower sales, decreasing rates of new orders and exports and large increases in inventories,” said Stuart Cole, chief macroeconomist at Equiti Capital. .
“The expectation is that manufacturers will further cut production going forward.”
- In London, the Financial Times index dropped 0.13%, to 7,413.42 points;
- In Frankfurt, the DAX index fell 0.03% to 13,479.63 points;
- In Paris, the CAC-40 index lost 0.18% to 6,436.86 points;
- In Milan, the Ftse/Mib index appreciated by 0.11%, at 22,429.47 points;
- In Madrid, the Ibex-35 index registered a drop of 0.87%, to 8,085.10 points;
- In Lisbon, the PSI20 index depreciated by 0.43%, to 6,096.99 points.
Source: CNN Brasil
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