European Stocks Inch Lower

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European Stocks Inch Lower

Bloomberg - 7/24/2015 3:12:37 PM

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European stocks inched lower on Friday following disappointing economic data from China.

The Stoxx Europe 600 was less than 0.1% lower in early trade. France’s CAC 40 was up 0.1%, while Germany’s DAX was down 0.1%. In the U.K., the FTSE 100 was broadly flat.

Asian stocks fell overnight after a gauge of Chinese manufacturing activity dropped to a 16-month low in July. The preliminary Caixin manufacturing purchasing managers index fell to 48.2 in July compared with a final reading of 49.4 in June. A reading below 50 indicates contraction.

The weak data from the world’s second-largest economy pushed copper futures on the London Metal Exchange to a six-year low.

In Europe, private sector economic output in France slowed to a three-month low in July of 51.5 compared with June’s 46-month high of 53.3, according to the Markit Flash Purchasing Managers’ Composite Output Index. Figures for Germany and eurozone output are due for release later this morning.

BNP Paribas economists predict that eurozone output will edge down slightly in July.

European stocks have closed down three days in a row following a nine- day wining streak.

In commodity markets, Brent crude oil was flat at $55.23 per barrel. It is down 14% since the start of July.

Gold prices continued to fall, down 1.1% at $1.081.7 per troy ounce in early trade. It is now down 8% since the start of July.

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