Europe’s indexes fell on Friday, after economic slowdown fears were compounded by data showing a slump in Chinese exports.
Disappointing figures from Germany’s manufacturing sector added to the gloom, a day after the European Central Bank announced cuts to its growth forecast. And then weak U.S. jobs data compounded worries for investors.
How did markets perform?
The Stoxx Europe 600
The British pound
What’s driving the markets?
Official data released on Friday showed that China’s exports fell almost 21% last month , reinforcing investor fears that a broader global economic slowdown won’t be softened by any trade deal reached between the U.S. and China.
Asian markets tumbled on the news, sending the China stocks to their worst one-day performance since October, causing European markets to open sharply lower.
German factory data for January also showed another heavy decline , falling 2.6%, just a day after the European Central Bank cut its growth forecast and launched new measures to stimulate a dwindling economy.
“Chinese exports saw their biggest fall in three years in February amid the trade war with the U.S. and German industrial orders fell by their steepest amount in seven months in January. It is understandable why investors have been so worried about the outlook for global growth when you see figures like these,” says Russ Mould, investment director at AJ Bell said in a client note.
Added pressure came from U.S. jobs data, which showed the weakest growth in payrolls in 17 months .
What stocks are active?
Major oil companies logged sharp losses, tracking a
plunge in the price of oil
, which was weighed by global growth worries. Royal Dutch Shell PLC
and BP PLC
After Volkswagen AG