{"id":36605,"date":"2023-07-17T04:25:29","date_gmt":"2023-07-17T08:25:29","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/european-stocks-fall-after-underwhelming-chinese-growth-data-earnings-to-ramp-up\/"},"modified":"2023-07-17T04:25:30","modified_gmt":"2023-07-17T08:25:30","slug":"european-stocks-fall-after-underwhelming-chinese-growth-data-earnings-to-ramp-up","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=36605","title":{"rendered":"European stocks fall after underwhelming Chinese growth data; earnings to ramp up"},"content":{"rendered":"
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\u00a9 Reuters. <\/span>
\n<\/i>\n<\/div>\n

Investing.com – European stock markets retreated Monday after the release of underwhelming Chinese growth data, while the second-quarter earnings season gets underway in earnest.<\/p>\n

At 03:30 ET (07:30 GMT), the \u00a0index in Germany traded 0.2% lower, the \u00a0in the U.K. traded down 0.1% and the \u00a0in France fell 0.7%.<\/p>\n

Chinese growth slowing sharply<\/strong><\/h2>\n

Sentiment in Europe has been hit Monday by the release of data showing that economic growth in China, a major export market for Europe\u2019s largest companies, slowed substantially through the second quarter.<\/p>\n

China\u2019s second-quarter grew 0.8% from the prior quarter, slightly above expectations for growth of 0.5%, but slowed substantially from the 2.2% seen in the prior quarter.<\/p>\n

On an annualized basis, grew 6.3% in the second quarter, thanks largely to a lower basis for comparison from the COVID-impacted period last year, and this was lower than expectations for growth of 7.3%.<\/p>\n

The Chinese economy has now expanded a total 5.5% so far in 2023, thanks largely to a strong first quarter, but growth has slowed over the past three months.<\/p>\n

Investors have used these numbers to sell into last week’s healthy gains, with the broad-based index climbing nearly 3%, after data showing rapidly cooling in the U.S. raised expectations the may be close to ending its aggressive rate-hiking cycle, boosting the U.S. economy.<\/p>\n

ECB speakers due<\/strong><\/h2>\n

The economic data slate is largely empty Monday, with only final due, but investors will look to speeches from ECB Board members Fabio Panetta, Frank Elderson and , as well as President , during the session for clues of the \u2019s thinking ahead of the next policy-setting meeting near the end of this month.\u00a0<\/p>\n

Quarterly earnings start to pour in<\/strong><\/h2>\n

This week sees the new quarterly earnings season kick off in earnest, although Monday\u2019s schedule is quite light.<\/p>\n

Additionally, the Russian state has taken control of French foods giant Danone’s (EPA:) Russian subsidiary along with beer company Carlsberg’s (CSE:) stake in a local brewer, according to a decree signed by President Vladimir Putin on Sunday. Danone <\/span><\/span> stock fell 0.3% and Carlsberg dropped 0.9%.<\/p>\n

H&M (ST:) stock slipped 0.2% after the fashion retailer announced it\u00a0will launch stores and online trade in Brazil in 2025.<\/p>\n

Across the pond, Tesla (NASDAQ:) will be the first of the massive growth and technology names to report on Wednesday, while bank earnings continue, with Bank of America (NYSE:) on Tuesday and Goldman Sachs (NYSE:) on Wednesday.\u00a0<\/p>\n

Oil prices dip after weak Chinese GDP data<\/strong><\/h2>\n

Oil prices fell Monday after the disappointing Chinese growth numbers raised concerns about the economic recovery and thus future demand from the world\u2019s largest crude importer.<\/p>\n

Additionally, two of the three Libyan oil fields that were shut down on Thursday, including the country\u2019s second-largest, Sharara, resumed production over the weekend, adding supply to the global market.\u00a0<\/p>\n

By 03:30 ET, the futures traded 1.1% lower at $74.50 a barrel, while the contract dropped 1.1% to $79.02.\u00a0<\/p>\n

Both benchmarks recorded a third straight week of gains last week, climbing to their highest levels since April.<\/p>\n

Additionally, fell 0.4% to $1,955.95\/oz, while traded 0.1% higher at 1.1242.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. Investing.com – European stock markets retreated Monday after the release of underwhelming Chinese growth data, while the second-quarter earnings season gets underway in earnest. At 03:30 ET (07:30 GMT), the \u00a0index in Germany traded 0.2% lower, the \u00a0in the U.K. traded down 0.1% and the \u00a0in France fell 0.7%. Chinese growth slowing sharply […]<\/p>\n","protected":false},"author":1,"featured_media":36606,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-36605","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nEuropean stocks fall after underwhelming Chinese growth data; earnings to ramp up | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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