PARIS: European stocks fell into a correction Friday, with a dismal week for the market rounding off with downbeat data from China and Greece facing a snap election.
The Stoxx Europe 600 SXXP, -0.85% fell 1% to 370.90, but was off session lows. Losses were registered in all sectors. The index is down 10.4% from its all-time high of 414.06, hit on April 15. A loss of 10% or more from a recent high is usually considered a correction.
In Frankfurt, the DAX 30 DAX, -0.42% was down 0.4% to 10,387.38. France’s CAC 40 PX1, -0.64% dropped 0.5% to 4,759.02, and the U.K.’s FTSE 100 UKX, -0.73% lost 0.5% to 6,338.03.
The Stoxx 600 is facing a weekly drop of 4.2%, which would be its worst weekly performance since December.
China chill: Earlier Friday, data showed Chinese factory activity fell to a six-and-a-half year low in August, despite Beijing’s efforts to stimulate growth. Worries about a slowdown in global growth buffeted U.S. stocks Thursday, sending them sharply lower and handing Wall Street with its worst selloff this year.
