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China-exposed European stocks take a hit

FXStreet (Mumbai) - The weak imports data from China weakened the European stocks exposed to China and pushed major European indices lower.

The pan-European blue chip Euro Stoxx 50 index fell 1.21%. The UK’s FTSE fell 0.81%, while France’s CAC dropped 1.58%. Germany’s DAX also weakened 1.11%.

BHP Billiton is down 2.5% and Antofagasta is down 2.3%. ArcelorMittal dropped 5.7%. Luxury shares like LVMH, Christian Dior retreated 3% each. The mining giant Glencore fell 4.5%.

The Chinese data released today showed the country’s imports in September dropped by 11%, while exports dropped by 1.1%. The drop in exports is hardly surprising since the global slowdown is already well known. However, drop in imports does not bode well for the European and especially German exports.

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