Weak Chinese data Halt Gains in European Shares

European stocks’ 10-day gains were halted Monday, August 16th, following an unexpected slowdown in China’s economic indicators, with commodity-related stocks posting the biggest loss.

The STOXX 600 index of the most important European shares fell 0.5% in early trading, retreating from record levels last week.

Oil and mining shares fell about 1.5%, with commodity prices hurting after Chinese data reinforced concerns about falling demand in the largest consumer of metals and oil.

Data showed China’s factory production and retail sales slowed sharply in July and missed expectations as activities were disrupted by a new outbreak of Covid-19 and floods disrupted business activities.