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European Stocks Slip as Weak China Data Weighs on Luxury Sector

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(Bloomberg) -- European equities were trading slightly lower as disappointing China data dragged down luxury stocks, outweighing a broad rally in the financial sector.Most Read from BloombergHuawei Teardown Shows Chip Breakthrough in Blow to US SanctionsWhy China Is Avoiding Using ‘Bazooka’ to Spur EconomyChina Slowdown Means It May Never Overtake US Economy, Forecast ShowsOpenAI CEO Sam Altman First Person to Get Indonesian Golden VisaThe Stoxx Europe 600 declined 0.2% by 12:16 p.m. in London a

The Stoxx Europe 600 declined 0.2% by 12:16 p.m. in London as soft Chinese services PMI data hurt sentiment toward sectors most exposed to the country. LVMH, Richemont and L’Oreal were among the names trading in the red. The regional benchmark dropped as much as 0.8% earlier.

China-exposed companies’ weak performance this month follows a dismal August, when worries about the Asian nation’s growth were accompanied with concerns that interest rates will peak at higher-than-expected levels. Investors are also fretting about slowing growth in the region accompanied by inflation remaining above the European Central Bank target.

ECB President Christine Lagarde, meanwhile, avoided giving an indication on whether the European Central Bank will raise or hold interest rates next week as she delivered a speech in London on Monday.

 

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