European stocks fell on Monday, following a decline in Asian markets, as weak Chinese economic data raised concerns about the country’s recovery from the pandemic. The Stoxx 600 index lost 0.5%, with consumer cyclicals and energy companies experiencing steep declines. France’s Cac 40 dropped 0.8%, Germany’s Dax fell 0.4%, and London’s FTSE 100 fell 0.3%. China’s benchmark CSI 300 index slipped 0.8% as data showed a considerable slowdown in growth for the second quarter. China’s GDP expanded by 0.8% in the three months to July, down from 2.2% in the previous quarter, due to falling exports, weak retail sales, and a struggling property sector. This disappointing data also affected oil prices, with Brent crude falling 1.2% and West Texas Intermediate falling by the same margin. Traders are now focused on China’s upcoming politburo meeting, where potential support for the economy will be discussed. In other Asian markets, South Korea’s Kospi dropped 0.4%, while trading was suspended in Hong Kong due to a weather warning and Japanese markets were closed for a holiday. Traders are also awaiting the release of the Empire State Manufacturing Survey by the Federal Reserve Bank of New York, which is expected to show a contraction in factory activity. US futures were mixed, with contracts tracking the S&P 500 down 0.1% and the Nasdaq 100 up 0.1% ahead of the New York open.
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