LONDON (ShareCast) - (Sharecast News) - European stocks dropped on Friday morning, as investors digested a slowdown in Chinese economic growth and shares in car manufacturers skidded lower.
At 0855 BST, the Stoxx 600 was 0.2% lower at 392.31, as Germany's Dax remained flat at 12,656.07 and the French CAC 40 fell by 0.3% to 5,654.91. London's FTSE 100 was down 0.3% at 7,157.97.

Chinese gross domestic product (GDP) grew by just 6.0% in the third quarter, its slowest growth in more than a quarter of a century and just below expectations of a 6.1% increase.

The news that Chinese GDP growth had slowed from the second quarter's 6.2% reading sparked speculation that Beijing may launch new stimulus measures or seek a quick resolution to its trade dispute with the US.

Analysts at Rabobank said: "the upshot of these numbers is that whilst the slowdown appears to be losing some of its sting, broader weakness continues to spread. And even if this let-up in activity is a sign that PBoC's targeted liquidity measures and governments tax cuts and stimulus may finally be gaining some traction, the global slowdown may not be over just yet.

"Indeed, as growth slows in the US and Europe, we believe it is too early to call this a reversal of economic fortunes."

In Brexit news, the newly agreed exit deal forged by the UK and EU looks unlikely to make it through parliament after failing to garner significant support from Labour, the SNP or the DUP.

Among individual stocks, Renault shares slumped after the French car manufacturer cut its full year revenue guidance and profitability forecasts following lower auto sales and difficulties in the Turkish and Argentine markets.

Fellow car makers including Volvo, Volkswagen, Daimler and BMW all dropped following the news.

Thales, the French aerospace, defence, security and transportation services provider, was also down after it warned that annual revenue growth will fail to meet prior expectations due to slow commercial satellite sales

Getinge topped the Stoxx 600 after the Swedish medical technology company reported better than expected third quarter core profits and reiterated full year sales guidance.

Lock-maker Assa Abloy was also in the green after third quarter operating earnings lived up to expectations despite challenging conditions.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE