Several signals from China this week suggest that European companies with close ties to the world's second-largest economy may face difficulties in the coming months. China's central bank, in a surprise move, cut interest rates on Tuesday as it attempts to buoy a stuttering economy. Wall Street bank JPMorgan also raised its expectations for higher default rates in the broader emerging markets, primarily due to rising contagion fears in China's depressed property sector.
Pro's analysis of sales data found that companies in the mining and autos sector, luxury goods, and semiconductor and high-tech manufacturing are the most exposed to China. The table below shows the top 20 companies in the Stoxx Europe 600 index, with the most significant revenue share directly dependent on China. Mining London-listed mining giants Rio Tinto and Anglo American had some of the biggest revenue exposure to China as a percentage of their total sales.
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