European stocks traded at one-week low on Tuesday as weak data from China and the euro area fueled concerns about slowing global growth.<\/p>\n
China’s services activity expanded at the slowest pace in eight months in August, a private-sector survey showed earlier today.<\/p>\n
Business activity in the euro zone weakened further in August as the economic downturn extended from manufacturing to the services sector.<\/p>\n
HCOB’s final Composite Purchasing Managers’ Index (PMI), compiled by S&P Global, dropped to 46.7 in August from July’s 48.6, marking the lowest level since November 2020.<\/p>\n
Separately, an ECB survey showed consumer expectations for euro zone inflation three years ahead rose to 2.4 percent in July from 2.3 percent in June, above the ECB’s 2 percent target.<\/p>\n
The U.K. services PMI dropped to 49.50 from 51.50 in July, marking the lowest reading since January.<\/p>\n
Euro zone producer prices fell for a seventh consecutive month in July, possibly offering some comfort to the European Central Bank, which meets next week to decide on rates. <\/p>\n
The pan European STOXX 600 was down 0.3 percent at 456.63 in its fifth consecutive session of losses.<\/p>\n
The German DAX dropped 0.3 percent and France’s CAC 40 shed 0.6 percent while the U.K.’s FTSE 100 was marginally higher. <\/p>\n
ABN AMRO fell about 1 percent after the Dutch Bank said it intends to appoint current interim Chief Financial Officer Ferdinand Vaandrager permanently.<\/p>\n
Swedish builder Skanska rallied 3.3 percent after winning a $834 million contract for a highway improvement project in the U.S.<\/p>\n
Celadon Pharma jumped 7 percent after the cannabis-based pharma firm signed a deal to sell its cannabis product with a second U.K. pharmaceutical company customer.<\/p>\n
Headlam, a floorcoverings distributor, added 1.6 percent after reporting higher first-half revenue and backing its FY view.<\/p>\n
Equipment rental firm Ashtead fell 2.5 percent after lowering its U.K. rental revenue outlook.<\/p>\n
China-exposed luxury makers were losing ground in Paris, with LVMH and Hermes falling 1-2 percent. <\/p>\n
Renault Group gained 1.3 percent. The initial public offering of Ampere electric vehicle division could get a valuation of up to 10 billion euros ($10.8 billion), CEO Luca de Meo said. <\/p>\n