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European stocks slide to one-week lows after weak China, euro zone data

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Sept 5 - European shares fell to one-week lows on Tuesday, with economically sensitive sectors leading the selloff as weak services sector data from China and the euro zone fuelled concerns about slowing global growth.China-exposed sectors such as luxury and construction & materials were among the top drags in Europe as data showed China's services activity expanded at the slowest pace in eight months in August.

HCOB's final Composite Purchasing Managers' Index for the euro zone dropped to 46.7 in August from July's 48.6, a low not seen since November 2020. Meanwhile, an ECB survey showed consumer expectations for euro zone inflation in the coming years edged up, likely adding to worries that the decline in price growth could stall above the bank's target.

 

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