European shares drop on global growth concerns

European shares tumbled on midday trading on Monday on worries that slowdown in emerging economies may result in sluggish global growth this year.  

A report released from China showed that PMI manufacturing eased expansion to 50.5 last month, marking the low4est in six months, from a prior of 51.

In the U.K., the manufacturing sector expanded in January at a slower pace than in a month ago, the improvement in euro area manufacturing data failed to ease woes

Still, there are worries from emerging markets after the recent capital flight on the Fed’s stimulus taper.

Later in the day, U.S. ISM manufacturing may show a slower pace of growth in January.

This week, eyes will focus on rate decision by the ECB and BOE as well as the awaited U.S. non-farm payrolls report.

As of 06:57 EST, STOXX EUROPE 600 slipped 0.29% to record 321.58 points. Telecommunications led the decline with a drop of 0.82%, where the largest losses were recorded by Colruyt as its shares plummeted 9.33% to 38.17 euros.

The largest gains, on the other hand, were led by Ryanair HLDGS as its equities rose 5.89% to 6.69 euros. 

Regarding other major European indices, Germany`s DAX 30 slipped 0.09% to 9297.91 points. France’s CAC 40 index slumped 0.03% to 4164.35 points, and FTSE 100 rose 0.06% to 6514.25 points.