Major European Markets Close Lower After Weak Chinese GDP Data

(RTTNews) - The major European markets closed lower on Monday, weighed down by growth concerns after data showed the Chinese economy grew at a slower than expected pace in the second quarter.

China's GDP logged annual growth of 6.3% in the second quarter, faster than the 4.5% expansion in the first quarter, data from the National Bureau of Statistics revealed. However, this was weaker than economists' forecast of 7.3%.

Investors also awaited some key economic data and earnings updates from the U.S. and Europe.

The pan European Stoxx 600 ended 0.63% down. The U.K.'s FTSE 100 closed lower by 0.38%, Germany's DAX ended down 0.23% and France's CAC 40 lost 1.12%, while Switzerland's SMI declined 1.21%.

Other markets in Europe ended mixed. Austria, Czech Republic, Finland, Greece, Ireland, Netherlands, Norway and Sweden ended weak.

Belgium, Denmark, Iceland, Poland, Portugal, Russia and Turkiye closed higher, while Spain ended flat.

In the UK market, Coca-Cola HBC ended lower by 4.2%. Flutter Entertainment drifted down 3.4%. Glencore, Anglo American Plc, Antofagasta, Rio Tinto, Unite Group and Ocado Group lost 2.2 to 2.8%.

Entain shed about 1.6% after it agreed to acquire U.S.-based Angstrom Sports for 122 million pounds ($159.5 million).

RS Group, Burberry Group, Fresnillo, Airtel Africa, M&G, Halma, Persimmon, Prudential, AstraZeneca and BT Group ended lower by 1 to 2%.

Spirax-Sarco Engineering climbed 2.1%. Rentokil Initial, Natwest Group, Compass Group, Pershing Square Holdings and Lloyds Banking Group gained 1 to 1.6%. HSBC Holdings gained about 0.8%.

In the German market, Vonovia ended more than 2% down. Infineon declined 1.6%, while Sartorius, Symrise, E.ON, HeidelbergCement and Volkswagen lost 0.8 to 1.25%.

Deutsche Bank climbed about 2.35%. Fresenius Medical Care gained 1.8% and Munich RE ended 1.2% up.

In Paris, Hermes International and LVMH lost 4.2% and 3.7%, respectively. Kering, L'Oreal, Veolia, WorldLine, Pernod Ricard, Unibail Rodamco, Vivendi and Capgemini ended lower by 1 to 2%.

In the Swiss market, retailer Richemont plummeted more than 10% after its sales figures showed a slowdown in U.S. demand.