Markets

European Equities Close In Negative Territory Weighed Down by Miners & Carmakers

European equities closed in the red on the first trading day of the week as concerns about a slowdown in economic growth of China sent commodities stocks sliding.

MarketWatch reported that industrial profits in China slid 8.8% in August from one year ago, citing data published by the National Bureau of Statistics. This represented a larger contraction than the 2.9% fall registered for July.

In company news, commodities stocks were among the biggest decliners on London's FTSE 100 Index with Glencore slumping by 29.4% after nickel development company Horizonte Minerals said it reached an agreement to indirectly acquire via wholly-owned subsidiaries in Brazil Glencore's Araguaia nickel project in north central Brazil.

Other commodities stocks to see contractions included Anglo American down by 10.1%, BHP Billiton, 6.0% lower, Antofagasta sliding 4.9% and Rio Tinto dropping 4.8%.

On Germany's DAX, decliners were spread across multiple sectors with carmakers Volkswagen, Daimler and BWM slipping 7.5%, 3.2% and 2.9%, respectively. leading with a 7.5% drop. Health care and nutrition stock Bayer dropped 2.6%, chemical company BASF fell by 2.3, and semiconductor firm Infineon Technologies slipped 2%.

And, on Paris' CAC-40, steel maker ArcelorMittal led decliners with a 8.3% drop, followed by luxury goods company Kering slumping 5.4%. Carmakers Peugeot and Renault followed, slumping 5.3% and 4.7%, respectively.

The FTSE 100 slid 2.46%, the DAX fell 2.12% and the CAC-40 contracted by 2.76%.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

Commodities

Latest Markets Videos

    MTNewswires

    Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

    Learn More