Europe: Stocks mixed on China slowdown

OCT 20, 201512:18 AM

[LONDON] Europe's main stock markets closed mixed Monday on Chinese stimulus hopes following news that China's economy grew in the third quarter at its slowest pace for six years.

China's powerhouse economy expanded by 6.9 per cent in July-September, the weakest since 2009 at the height of the global recession, the National Bureau of Statistics said.

At the same time, the outcome beat market expectations of 6.8 per cent expansion, according to analysts polled by AFP.

London's benchmark FTSE 100 index lost 0.40 per cent to close at 6,352.33 points, as mining stocks dropped on more disappointing Chinese data with industrial production rising 5.7 per cent year-on-year in September, missing economists' median estimate of 6.0 per cent.

"Pressure will be ramping up on Beijing to implement more economic stimulus," said analyst Augustin Eden at trading firm Accendo Markets.

In the eurozone, the Paris CAC 40 was little changed up 0.03 per cent to 4,704.07 points with ArcelorMittel - the world's biggest steelmaker - off 1.56 per cent to 5.547 euros.

Frankfurt's DAX 30 index in contrast rose 0.59 per cent to finish at 10,164.31 points, boosted by Deutsche Bank's share rising 3.70 per cent after its announcement of a sweeping restructuring.

AFP