(MENAFN– ecpulse)
European equities opened in red territories Monday, mirroring losses in Asia after data relapsed earlier showed China’s economic growth slowed in the last quarter of 2013. Trading volume is likely to remain light as U.S. markets are shut for the Martin Luther King Day holiday.
- Stoxx 600 fell 0.09 percent, 0.29 points to 335.53
- Stoxx 50 dropped 0.17 percent, 5.17 points to 2 ,973.77
European markets fell in early trades, tracking Asian markets losses after an early data releases showed growth in the world second largest economy was a fraction ahead of forecasts, sending mixed signals to investors worried about slowing growth in the world`s second-largest economy.
China`s Gross Domestic Product (GDP) grew by 7.7 percent in 2013 over the previous year slightly ahead of market expectations of 7.6 percent, however, at slowest pace of growth since 1999. While industrial production grew an annual 9.7 percent, below estimates.
- The British FTSE 100 was down 0.01% or 0.46 points to 6,828.84
- The French CAC 40 lost 0.09% or 3.70 points to 4,323.80
- Frankfurt’s DAX 30 fell 0.38% or 37.8 points to 9,705.58
A majority of the share markets in the deepened losses, with banking shares under pressure after Deutsche Bank started the week on sour note, posting a surprise pre-tax loss of 1.15 billion euros in the fourth quarter of 2013 due to heavy costs for litigation, restructuring and balance sheet reduction.
- Deutsche Bank AG share fell 1.71%, 0.655 points to trade at 37.600 euro
Furthermore, Europe’s second-biggest carmaker, PSA Peugeot Citroën has tumbled the most in five weeks after the company said it recorded 2013 worldwide sales of 2.82 million units, down 4.9 percent from 2012.
Anheuser-Busch InBev NV, the world`s largest brewer, rose 1.8 percent after agreeing to buy back South Korea`s Oriental Brewery Co Ltd from KKR & Co and Affinity Equity Partners for $5.8 billion including debt.
On the data front on Monday, today will be a light day with no major data or European corporate earnings releases due.
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