European stocks under pressure from weak China data

September 15, 2021

(Reuters) – European shares slipped on Wednesday as worries about a slowing Chinese economy, declines in travel and leisure stocks and soaring UK inflation dampened sentiment in early trading.

The benchmark STOXX 600 index fell 0.1% by 0711 GMT.

Asian stocks tumbled after data showed China’s factory and retail sectors faltered in August following fresh coronavirus outbreaks and supply disruptions.

Travel & leisure stocks were the top decliners in Europe, down 1.1%, with gaming companies hit after Macau casino operator stocks plummeted as the government kicked off a public consultation that investors fear will lead to tighter regulations in the world’s largest gambling hub.

The owner of fashion brand Zara Inditex rose about 1% as its sales approached pre-pandemic levels, but Sweden’s H&M slipped 3% as quarterly sales increased less than expected.

UK’s FTSE 100 edged lower and mid-cap stocks fell 0.2% after data showed British inflation hit a more than nine-year high last month.

(Reporting by Sruthi Shankar in Bengaluru; Editing by Shounak Dasgupta)

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