European indices bounce back, as call for safe-haven currencies is strong
But European car stocks, a bellwether for the continent's economy, fell 1% as sales dropped
London — European shares recovered on Friday after weak US and Chinese economic data earlier sent global equity markets into a dive. After opening lower, Europe's Stoxx 600 nudged up 0.2% despite weakness in German equities. Demand for safe-haven currencies remained strong. Stocks fell after a US report that retail sales had dropped in December to their lowest since 2009 and by data on Chinese producer prices, which were little changed for a seventh straight month in January. Germany's main stock index, which is exposed to the Chinese economy because of its large number of exporters, was down 0.2% by 9.32am GMT. It had fallen as much as 0.5%. European car stocks, a bellwether for the continent's economy, fell 1% as sales dropped and the deadline approached for a US commerce department that could lead to the imposition of tariffs. "After hot markets of late, a little bit of cold water has been poured on bourses over the last 24 hours," Deutsche Bank's strategist Jim Reid said. The sl...
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