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European equity futures fall sharply as weak China data hits markets

Monday, January 4, 2016 - 16:05
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European shares fell on Thursday following two sessions of gains, with sentiment depressed by continued weakness in oil prices, which briefly dipped below the key $30 level, and worries over global economic growth.

[LONDON] European equity futures fell sharply on Monday, as weak Chinese economic data weighed on world stock markets.

Futures on the Euro STOXX 50 and German DAX fell between 2.1-2.5 per cent, while futures on Britain's FTSE and France's CAC fell between 1.2-1.4 per cent.

China's factory activity contracted for the 10th straight month in December and at a sharper pace than in November, a private survey showed, dampening hopes that the world's second-largest economy will enter 2016 on a more stable footing.

The weak data caused Chinese and Asian shares to slump, with China's benchmark CSI300 share index tumbling 7 per cent on Monday, prompting the stock exchange to halt trading for the rest of the day.

REUTERS