European shares opened up lower on Monday, with French stocks down nearly 1%, as amazingly weak economic information from China fanned global economic downturn worries.
The pan-European STOXX 600 index (. STOXX) dropped 0.6% by 0715 GMT on Monday, after publishing its first once a week gain in 5 on Friday.
China’s April retail sales plunged 11.1%, almost twice the loss forecast, while industrial output dropped 2.9% when experts had searched for a small boost, adding to anxieties that the globe’s second-biggest economic climate can contract this quarter amidst COVID-19 lockdowns. read more
Europe’s traveling and also recreation industry (. SXTP) led losses among sub-indexes, down 1.4%. Health care stocks (. SXDP) were the biggest drag, while deluxe names consisting of Louis Vuitton-owner LVMH (LVMH.PA), which derives a piece of its demand from China, fell 1.1%.
Bucking the trend, the telecommunications industry (. SXKP) was up 0.6%, buoyed by a 3.5% jump in Vodafone (VOD.L), after Emirates Telecom Group (ETISALAT.AD) purchased a 9.8% stake in the firm.
