Europe open: Stocks slide as Eurozone manufacturing PMI disappoints
European stocks slumped as a report showed Eurozone manufacturing activity fell more than expected in September.
Markit’s Eurozone manufacturing purchasing managers’ index (PMI) dropped to 50.5 from 50.7 a month earlier, missing analysts' projections for a reading of 50.6. A level above 50 signals expansion.
Euro-area services PMI also declined to 52.3 in September from 52.1 in August, more than the 53 that was predicted.
In the US later on, Markit’s manufacturing PMI may rise to 58 in September from 57.9 in August, according to forecasts.
HSBC’s PMI on Chinese manufacturing earlier showed an increase to 50.5 in September from 50.2 the prior month, beating expectations for the reading to fall to 50.
Tate & Lyle, Raiffeisen Bank
Tate & Lyle declined after the maker of Splenda sweetener forecast an annual profit that missed analysts’ estimates.
Raiffeisen Bank International plunged after saying it expects an annual loss amid exposure to risks in the Ukraine and Russia.
Michelin & Cie. slumped after Les Echos cited its chief financial officer as saying the sales target has become more difficult to reach.
Tesco dropped as the UK supermarket chain said Alan Stewart would leave M&S to join as chief financial officer on Tuesday. The euro rose 0.08% to $1.2859.
Brent crude futures increased by 0.14% to $97.12 per barrel, according to the ICE.