PARIS (Reuters) – European stock markets fell sharply on Tuesday in early trading after data showing that the slowdown continues in China, and before the publication of PMI indicators in Europe.
In Paris, the CAC 40 fell by 0.87% to 7,216.1 points around 07:30 GMT. In Frankfurt, the Dax lost 0.56%, against 0.52% for the FTSE in London.
The pan-European FTSEurofirst 300 index dropped 0.52%, the EuroStoxx 50 0.63% and the Stoxx 600 0.53%.
Futures on New York indices suggest an opening of Wall Street in the red, the Dow Jones declining by 0.32%, against 0.28% for the Standard & Poor’s 500 and 0.2% for the Nasdaq.
Caixin activity data released on Tuesday showed China’s services activity grew at its weakest pace in eight months, below consensus expectations, an indication that the support measures put in place are insufficient to spur a declining demand.
Moreover, the European markets are moving cautiously, focused on the publication of the final services and composite PMI indicators from 07:50 GMT, which should confirm the contraction of European activity in August.
In stocks, Crédit Agricole lost 3.30% after Goldman Sachs lowered its recommendation from “neutral” to “sell”, while Commerzbank dropped 3.95% after Barclays lowered its recommendation from “buy” to “hold”. “.
(Written by Corentin Chapron, edited by Blandine Hénault)
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