EUROPE/CHINA: European shares started the day with declines due to weakened China-exposed miners following disappointing economic data from Beijing, while UK stocks were also under pressure due to higher-than-expected core inflation figures.
The pan-European STOXX 600 fell by 0.2% by 0708 GMT, following a recent drop to its lowest level in over a month.
Meanwhile, the UK’s FTSE 100 index declined by 0.3% after data revealed that British inflation, as predicted, slowed in July to its lowest annual rate since February 2022. However, signs of pressure persisted in core and service prices.
European miners (SXPP) saw a 0.8% decline as traders evaluated the potential for a sluggish economic recovery in China, the leading consumer of metals.
In July, new home prices in China experienced their first decrease this year, adding to a series of discouraging economic indicators.
Swiss eye-care company Alcon (ALCC.S) witnessed a 1.5% increase in its shares following an upward revision of its full-year net sales and core diluted earnings per share.
British motor and home insurer Admiral Group (ADML.L) experienced a 4.6% surge after reporting a slight uptick in its pre-tax profit for the first half of the year.
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