Wednesday, October 03 08:18:43
European stocks dipped early today, adding to the previous session's losses, as uncertainty surrounding a potential bailout for debt-stricken Spain and further signs of a slowdown in China rattled investors. At 0703 GMT, the FTSEurofirst 300 index of top European shares was down 0.3 percent at 1,098.30 points. Data showed on Wednesday China's services sector lost steam in September to hit its lowest point since November 2010, signalling that a slowdown in manufacturing has begun to feed through to the rest of the economy.
"It seems that China's negative momentum is increasing, and if confirmed, this would have a major impact for the world economy, so it's not something that pushes us to buy at the moment," a Paris-based trader said. Mining stocks, strongly exposed to the Chinese economy, were among the biggest losers, with Rio Tinto down 0.9 percent and BHP Billiton down 1 percent. ( C) Reuters