Upgrade Now

Europe opens: Shares slip after weak China data

By Frank Prenesti

Date: Monday 16 May 2022

(Sharecast News) - European shares fell at the open Monday, with French and German stocks losing up to 1% each, after very weak retail sales figures from China spooked investors worried about a global economic slowdown.
The pan-European Stoxx 600 was down 0.4% in early deals, with France and Germany down 1%.

China's April retail sales plunged 11.1%, almost twice the fall forecast, while industrial output dropped 2.9% against expectations of a small rise.

In equity news, Ryanair shares fell as the low-cost carrier said ticket fare levels were lower than the company had anticipated earlier in the year.

Vodafone shares gained after Emirates Telecommunications Group bought a 9.8% stake in the company.

Valneva slumped after warning that the French vaccine maker might have to reassess its financial guidance after the European Commission informed that it plans to terminate an advance purchase agreement for its Covid-19 vaccine candidate.

Shares in French retailer Casino rose as the company started the process to sell its renewable energy unit GreenYellow.

..

Email this article to a friend

or share it with one of these popular networks:


Top of Page