Europe’s markets slide further after weak business survey data

Markets across Europe dropped back after industry surveys underwhelmed traders.

Flash PMI figures for the economies of France and Germany showed a slowdown in growth, while growth figures for the UK flatlined.

Real estate and commodity stocks were among the losers in London amid concerns over the global economic outlook.

The FTSE 100 finished ended the day down 0.97%, at 7,020.45, while the German Dax decreased by 1.76% and the French Cac fell 0.56%.

Michael Hewson, chief market analyst at CMC Markets UK, said: “After yesterday’s falls European markets were already looking vulnerable over rising concerns about a global slowdown.”

In currency markets, the pound was down 0.1% against the dollar at 1.226 and was flat against the euro at 1.166.

Gambling giant 888 slipped in value after it warned half-year revenues are set to drop due to the UK’s crackdown on online gambling and its temporary exit from the Netherlands.

The group said turnover for the first half of the year is set to fall to between £330 million and £335m.

Shares in the firm declined by 14.6p to 160.7p as a result.

Naked Wines shed more than two-fifths of its value yesterday after the online wine retailer warned sales could fall by up to 4% in the year to the end of next March, while it expects to only break even on an underlying earnings basis.

Shares finished the session 125.3p lower at 162.1p (see also page 33).

Shares in Trainline were derailed as UK rail strikes continued for a second day with little sign of a resolution and concerns grow that strike actions could continue beyond this week.

The firm dropped by 32.1p to 284.6p as its finance boss also departed for online retailer Boohoo.

The price of oil struggled as the weak PMI figures kept up concerns that demand from industry could waiver due to an economic slowdown.

Brent crude decreased by 0.51% to $111.17 per barrel when the London markets closed.

European markets were looking vulnerable