The European market fell for the fifth day as stocks continue to trade lower on Monday, while investors raise concerns over the tapering of the Federal Reserve’s bond-buying program and the risk of cash crunch in China.
The European Euro Stoxx 50 fell 1.10% to 2,521.68 at 10:00am GMT, while Germany’s DAX declined 0.75% to 7,731; Lenxess fell to a low 2.75% at the same time.
Italy’s UniCredit rose 1.26%, while carmakers Daimler gained 1.14% and Enel dropped 5.54%.In France, the French CAC 40 tumbled 1.17% to 3,615.90 at 10:00am GMT, as retailer Carrefour slid 2.50% lower.
UK’s FTSE 100 lost 0.60% to 6,078.50, while Severn Trent gained 1.33%.
The Ifo Business Climate index , slightly picked up to 105.9points in the month of June ,from previous record of 105.7 in May , according to reports from the Ifo institute for Economic Research .
The manufacturing activity in Germany came in at 48.7 points for the month of June, from the revised record of 49.4 in the previous month, while the services sector came in at 51.3 in June from previous record of 49.7 in May, according to reports from Markit Economics.
While in Asia, the stock market declined on Monday. The Shanghai Composite index closed at 5.3% lower. Golden Sachs cut its estimate for the Chinese economic growth for this year to 7.4% from previous prediction of 7.8%.
China’s benchmark money-market rates rose last week, as the People’s Bank of China (PBoC) refrained from using open-market operations to ease a credit crunch.
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