European shares touch 1-week low after weak China data hits miners

martes 8 de marzo de 2016 11:16 GYT
 

* FTSEurofirst 300 index down 0.8 percent

* Miners among top fallers after Chinese data

* DAX falls despite strong German industrial output data (Adds detail, updates prices)

By Atul Prakash

LONDON, March 8 (Reuters) - European shares slipped to a one-week low on Tuesday, after poor trade data from China, the world's top metals consumer, put pressure on industrial metals prices and the mining sector.

China's February trade performance was far weaker than economists had expected, with exports tumbling the most in more than six years, days after Beijing sought to reassure investors the outlook for the world's second-largest economy is solid.

The STOXX Europe 600 Basic Resources index fell 7 percent, the top sectoral decliner, dragged down by a 6.4 to 12.3 percent fall in shares of BHP Billiton, Anglo American, Rio Tinto and Glencore.

"Much weaker Chinese exports clearly point to additional trouble for the Chinese economy in the months ahead, with the global growth slowdown continuing to take a toll," said Markus Huber, trader at City of London Markets.

"Furthermore, putting early pressure on stocks is the notion that any ECB action being taken on Thursday is already priced in, leading to profit-taking ahead of the ECB meeting."   Continuación...