European stocks stabilize after Chinese data raised concerns about the economy

European stocks stabilized on Tuesday, after investor fears of an economic slowdown after China recorded its weakest annual growth rate in nearly 50 years outweighed gains in industrial stocks.

And by 0815 GMT, the European Stoxx 600 index was stable, after reaching a nine-month high in the previous session.

Asian stocks and US futures fell after economic growth slowed in China in 2022, with the last quarter of the year affected by strict anti-Covid-19 restrictions and a decline in the real estate market, which increased pressure on monetary policymakers to unveil more stimulus this year.

HSBC fell 1 percent and Prudential fell 0.4 percent, a financial stock with exposure to China.

Economically vulnerable consumer goods stocks such as Unilever and Danone fell more than 1 percent.

Electronic retail platform THG plunged 8 percent after the company issued a warning that it would miss its full-year profit target.

Hayes plc rose 0.6 percent after the British staffing firm reported an increase in net fees in the second quarter.