European Stocks Open Lower, DAX Slips 0.17%

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By Jacob Maslow

European stocks opened lower Monday morning after China released mixed manufacturing data over the weekend. In morning trading, the EURO STOXX 50 was down 0.46%, Germany’s DAX 30 dropped to 0.17%, and France’s CAC 40 slipped 0.25%.

Data released on Sunday showed the official manufacturing PMI in China was still in contraction territory, remaining at 49.8 for the month. Investors were expecting a rise to 50.0 this month.

The Caixin manufacturing PMI jumped to 48.3 in October, up from 47.3 the previous month. The data beat expectations, which were set at 47.5.

Overall, financial stocks were lower. France’s BNP Paribas (PA: BNPP) and Societe Generale (PA: SOGN) were down 0.85% and 0.59% respectively.

Germany’s Deutsche Bank (DE: DBKGn) was down 0.18%, but Commerzbank AG (DE: CBKG) rallied 2.1% after the lender reported a 25% increase in Q3 earnings.

In Italy, Unicredit (MI: CRDI) and Intesa Sanpaolo (MI: ISP) dropped to 1.45% and 0.82% respectively. Spain’s Banco Santander (MC: SAN) dropped 0.47%.

The FTSE 100 in London dropped 0.4%. Ryanair Hldgs (L: RYA) led the decline as shares plunged 1.56%.

Mining stocks were also down. Antofagasta (L: ANTO) and Rio Tinto (L: RIO) slid 0.57% and 0.3% respectively. Anglo American (L: AAL) dropped 0.66%.

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