Tepid China data, Richemont pull down European shares
, housing luxury firms, was the biggest sectoral loser, down 2.2%.grew at a frail pace in the second quarter on weaker demand, raising pressure on policymakers to deliver more stimulus.
"We are left with a picture of both U.S. and Chinese consumption slowing, and the market is responding to this double whammy of bad news by marking down stock prices," said Cole.was the second biggest decliner, down 1.4%, as concerns about demand from top consumer China weighed on metal prices. . The benchmark STOXX 600 index logged its biggest weekly percentage gain since the end of March in the previous week on hopes the Federal Reserve could wind up its rate hike cycle soon after July, given cooling U.S. inflation.
However, analysts have cautioned that other major central banks, particularly the Bank of England, have further to go in terms of tightening.expected to issue results this week, after big U.S. banks kicked off the second-quarter results season on Friday.
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