MW: European stocks pull lower as global-growth concerns persist
European stocks fell Thursday, on course to break a three-session win streak, as downbeat economic data from Asia once again stoked worries about global growth.
The Stoxx Europe 600 SXXP, -1.18% dropped 0.7% to 361.20, with no sectors trading higher. Utilities were the worst performing, weighed by E.ON SE EOAN, -7.07% Its shares fell 5% after the company ditched plans to spin off its German nuclear power plants and warned it will post a net loss this year.
The pan-European index’s decline Thursday comes after Asian stocks dropped on the release of downbeat economic data. In Japan, core machinery orders fell by a faster-than-expected rate of 3.6% in July. In China, price cuts by manufacturers led to the producer-price index hitting a six-year low. Japan’s Nikkei Average NIK, -2.51% was down 3.8%, and the Shanghai Composite Index SHCOMP, -1.39% gave up 1.4%.
European indexes: Germany’s DAX 30 DAX, -1.05% lost 0.3% to 10,268.57. But luxury car maker BMW AG BMW, +0.39% outperformed, rising 1.1% after a ratings upgrade to overweight from equal-weight at Morgan Stanley.
In Paris, the CAC 30 PX1, -1.25% fell 0.6% to 4,636.62. Data released Thursday showed French industrial production dropped unexpectedly in July, suggesting a lackluster start for the economy at the beginning of the third quarter.
The U.K’s FTSE 100 UKX, -1.15% lost 0.7% to 6,188.37, on track to break a three-day streak of wins.
Meanwhile, the pound GBPUSD, +0.1627% edged higher ahead of the Bank of England’s rate decision, due at 12 p.m. London time, or 7 a.m. Eastern Time. The U.K.’s central bank is expected to stand pat on rate policy, but investors will examine the minutes of the BOE’s latest meeting to see what policy makers have to say about slowing Chinese growth and the related turmoil gripping global markets.
Movers: Wm Morrison Supermarkets PLC MRW, -3.30% lost 4% after the supermarket chain reported a fall in half-year profit and said it expects to incur further restructuring costs.
Dixons Carphone PLC DC., +2.07% rose 1.8% after the electronics retailer posted an 8% rise in first-quarter revenue and its market share in the U.K. grew.
