The Stoxx Europe 600 declined 0.5% by 8:05 a.m. in London as soft Chinese services PMI data weighed, with almost all the sectors in red. LVMH and Hermes were under pressure as China’s slowdown weighed, given the country is estimated to contribute up to a fifth of their annual sales.
China-led undeperformance follows dismal August, when stocks were under pressure on concerns about Chinese economy, on top of worries that rates will peak at higher than expected levels. Investors are also fretting about slowing growth in the region while inflation remains above the European Central Bank target.
The potential downside risks emanating from China were further highlighted by outgoing RBA Governor Phil Lowe were highlighted as Australia’s central bank kept its key interest rate unchanged and maintained a tightening bias.
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