European equity markets nudged down on Tuesday as weak Chinese business surveys ...
LONDON - European equity markets nudged down on Tuesday as weak Chinese business surveys dampened appetite for risk, while investors braced for a spate of data on the region’s economic health.
Both official and private business surveys suggested slower Chinese factory growth this month, dashing hopes for a steady reading or even a faster expansion. Data also showed a slower expansion in its services sector. “Unemployment is down, wages are starting to edge higher but inflation remains very subdued,” he said. “That is the biggest problem for the European Central Bank in terms of its policy response in trying to lift demand in the euro area.”Earlier, France reported steady growth for the first quarter, while Spain’s economy also grew faster than expected.Chipmaker AMS jumped 16 percent after beating forecasts for first-quarter profit.
Asian markets fell after the Chinese data amid thin trading. MSCI’s broadest gauge of Asia-Pacific shares outside Japan was off 0.5 percent. Bourses in South Korea and Hong Kong both fell. But FX traders were focused on whether European data would push currencies out of recent trading ranges.
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