European markets declined today as miners fell after manufacturing data missed economists’ estimates for the region and for China.
The Iseq index bucked the local trend by gaining 0.37 per cent, led by its financial constituents. The FTSE 100 retreated 17.70 points, or 0.3 per cent, to 6,678.9 at the close of trading in London.
The Stoxx Europe 600 Index dropped 0.3 per cent to 338.22 at 4:31 pm in London. A gauge of mining stocks fell to its lowest level this year, with iron-ore producers BHP Billiton and Rio Tinto losing more than 2.5 per cent.
National equity indexes from Spain and Italy dropped the most among 18 western- European markets.
“The European economy is still fragile, and the recovery has just run into the sand a little bit,” said William Hobbs, the London-based head of equity strategy at Barclays’ wealth management unit.
“It feels difficult to get behind industrial metals. There’s still oversupply, and it doesn’t look like demand will pick up any time soon, particularly as China slows down.”
In the US, the Standard & Poor’s 500 Index was on the rise as European markets closed, with data showing strength in the US economy overshadowed the reports of slowing manufacturing in Europe and China .
The S&P 500 was up 0.2 per cent at 12:27 pm in New York, erasing earlier losses of 0.4 percent as retailers and energy shares rallied. The gauge is poised for a record close.
Bloomberg
