Global stocks fade on worrying Chinese and Italian news
The Pan-European Stoxx 600 index slips 0.4% as Chinese industrial output and retail sales fall short of forecasts
London — A global equity bounce stemming from softer rhetoric by US President Donald Trump on the trade dispute with Beijing waned on Wednesday as grim China data and fresh Italian debt woes cast a shadow over global markets. Concerns that the world’s top two economies could career into a fierce and protracted trade war has kept markets on edge over the past days. Investors had taken some comfort from Trump calling the trade dispute with Beijing “a little squabble” on Tuesday and insisting talks had not collapsed. But data from China showing surprisingly weak retail sales and industrial output growth weighed on markets and added pressure on Beijing to roll out more stimulus. Adding to the woes are fears over Italy’s fiscal situation after Rome said it was ready to break EU fiscal rules to spur employment. Italian stocks declined 0.7% to lead European stocks lower while France’s benchmark slipped 0.4%. Data confirming that Germany’s economy had returned to growth in the first quarter...
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