European stocks traded lower on Monday, after fresh data from China showed its economy grew at its slowest pace since 1990.
Market players monitored news of slowing growth in the world’s second-largest economy. Official data published Monday said China’s gross domestic product (GDP) in 2018 grew 6.6 percent from the previous year, in line with analyst expectations but at its most sluggish rate in almost three decades.
It’s the latest sign of weakness in the Chinese economy, and comes at a critical time in Beijing’s trade battle with the United States. The two countries have been locked in a tense sparring of tariffs since the start of last year, but are currently trying to prevent any further escalation over the course of a 90-day truce.
Over the weekend, President Donald Trump said a trade deal with China “could very well happen,” but denied what he called “false reports” that the U.S. was considering lifting duties on Chinese imports.
Looking at individual stocks, German chemicals firm Henkel slumped to the bottom of the Stoxx 600 after it released preliminary financial results and said it would hike investments by around 300 million euros ($341.6 million). The stock slipped 6 percent.
Last week, U.K. lawmakers rejected May’s EU withdrawal agreement, an event that was largely expected. The prime minister subsequently won a confidence vote that was tabled by opposition leader Jeremy Corbyn, albeit by a slim margin of 19 votes.
In terms of data, Germany’s December Producer Price Index (PPI) will be released at 2 a.m. ET.
- ^ Stoxx 600 (www.cnbc.com)
- ^ Official data published Monday (www.cnbc.com)
- ^ China’s (www.cnbc.com)
- ^ United States (www.cnbc.com)
- ^ Donald Trump (www.cnbc.com)
- ^ could very well happen (www.cnbc.com)
- ^ Henkel (www.cnbc.com)
- ^ Just Eat (www.cnbc.com)
- ^ Air France-KLM (www.cnbc.com)
- ^ British (www.cnbc.com)
- ^ Theresa May’s (www.cnbc.com)
- ^ “Plan B” for Brexit (www.cnbc.com)
- ^ Sterling (www.cnbc.com)
- ^ Logitech (www.cnbc.com)