China worries push European shares to one-week low, PMIs awaited By Reuters

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<span>© Reuters. FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, September 4, 2023. REUTERS/Staff/File Photo</span><br />
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<p>(Reuters) – European shares fell to one-week lows on Tuesday, as subdued economic data from China fuelled concerns about a feeble recovery, while investors looked to domestic data for clues on the European Central Bank’s monetary tightening plans.</p>
<p>The pan-European index was down 0.6% by 0709 GMT, its fifth consecutive session of losses.</p>
<p>China-exposed sectors such as luxury and construction &amp; materials were among the top drags in Europe as data showed the country’s services activity expanded at the slowest pace in eight months in August.</p>
<p>The final reading of euro zone business activity, due later in the day, is expected to confirm a contraction in August.</p>
<p>Roche dropped 1.1% after Berenberg downgraded the Swiss pharmaceutical firm to “hold” from “buy”, saying it does not see enough catalysts to boost the stock.</p>
<p>Credit Agricole (OTC:) dropped 3.0% after Goldman Sachs downgraded the French bank to “sell”, while Commerzbank (ETR:) slid 3.3% as Barclays cut its rating on the German lender’s stock to “underweight”. </p>
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<br /><a href="https://www.investing.com/news/stock-market-news/china-worries-push-european-shares-to-oneweek-low-pmis-awaited-3167188">Source link </a></p><p>The post <a href="https://forextraderhub.com/china-worries-push-european-shares-to-one-week-low-pmis-awaited-by-reuters.html">China worries push European shares to one-week low, PMIs awaited By Reuters</a> first appeared on <a href="https://forextraderhub.com">Forex Trader Hub</a>.</p>