European stocks slump on China fears

By Steve Goldstein

European stocks slumped Monday, declining on fears over China’s struggling property sector as well as the Chinese effort to rein in commodity prices.

The continued rout in iron-ore futures sent miners including Anglo American /zigman2/quotes/201381512/delayed UK:AAL -1.06% and Rio Tinto /zigman2/quotes/208934945/delayed UK:RIO -1.35% sharply lower, as worries about the world’s second-largest economy mounted with questions surrounding the ability of property developer China Evergrande /zigman2/quotes/208605330/delayed HK:3333 +8.55% to make two interest payments this week.

“The big question is whether Evergrande’s problems will cause a contagion to other companies/sectors in China and hit growth there,” said Marshall Gittler, head of investment research at BDSwiss Holding.

The Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP +0.26% fell 1.8% to 453.52, as banks including Deutsche Bank /zigman2/quotes/207242873/delayed XE:DBK +1.71% and Societe Generale /zigman2/quotes/206663756/delayed FR:GLE +4.48% also traded sharply lower.

Of the major regional indexes, the German DAX /zigman2/quotes/210597999/delayed DX:DAX +0.11% skidded 2.2%, the French CAC 40 /zigman2/quotes/210597958/delayed FR:PX1 +0.02% slumped 2.4% and the U.K. FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX +0.05% slumped 1.5%.

The Hang Seng /zigman2/quotes/210598030/delayed HK:HSI +0.54% dropped more than 3% with markets in Japan, South Korea and China closed for holidays, and U.S. stock futures /zigman2/quotes/209948968/delayed ES00 -0.0061% /zigman2/quotes/210219788/delayed NQ00 -0.01% pointed to a downbeat start on Wall Street.

The biggest Stoxx 600 faller was Prudential PLC /zigman2/quotes/200530572/delayed UK:PRU 0.00% , which fell 6% after announcing it will sell up to 131 million shares.

The biggest Stoxx 600 gainer was Deutsche Lufthansa /zigman2/quotes/201210530/delayed XE:LHA +0.29% , which rose 4% after announcing a €2.1 billion stock sale to repay its bailout.

/zigman2/quotes/201381512/delayed

Add to watchlist UK:AAL

Anglo American PLC

UK : U.K.: London

3,557.00 p

-38.00 -1.06%

Volume: 1.40M

Jan. 27, 2023 4:35p

P/E Ratio

8.27

Dividend Yield

5.57%

Market Cap

£47.58 billion

Rev. per Employee

£446,346

/zigman2/quotes/208934945/delayed

Add to watchlist UK:RIO

Rio Tinto PLC

UK : U.K.: London

6,291.00 p

-86.00 -1.35%

Volume: 1.51M

Jan. 27, 2023 4:35p

P/E Ratio

7.70

Dividend Yield

8.40%

Market Cap

£106.54 billion

Rev. per Employee

£917,806

/zigman2/quotes/208605330/delayed

Add to watchlist HK:3333

China Evergrande Group

HK : Hong Kong

$ 1.65

+0.13 +8.55%

Volume: 0.00

March 18, 2022 4:08p

P/E Ratio

1.15

Dividend Yield

0.00%

Market Cap

$21.79 billion

Rev. per Employee

N/A

/zigman2/quotes/210599654/delayed

Add to watchlist XX:SXXP

STOXX Europe 600 Index

XX : STOXX

455.17

+1.19 +0.26%

Volume: 0.00

Jan. 27, 2023 11:03p

/zigman2/quotes/207242873/delayed

Add to watchlist XE:DBK

Deutsche Bank AG

XE : Germany: Xetra

€ 12.34

+0.21 +1.71%

Volume: 8.39M

Jan. 27, 2023 6:30p

P/E Ratio

7.04

Dividend Yield

1.62%

Market Cap

€25.48 billion

Rev. per Employee

€412,564

/zigman2/quotes/206663756/delayed

Add to watchlist FR:GLE

Societe Generale S.A.

FR : France: Euronext Paris

€ 26.60

+1.14 +4.48%

Volume: 5.94M

Jan. 27, 2023 5:38p

P/E Ratio

8.98

Dividend Yield

6.20%

Market Cap

€20.64 billion

Rev. per Employee

€252,098

/zigman2/quotes/210597999/delayed

Add to watchlist DX:DAX

DAX

DX : Xetra Indices

15,150.03

+17.18 +0.11%

Volume: 0.00

Jan. 27, 2023 6:30p

/zigman2/quotes/210597958/delayed

Add to watchlist FR:PX1

CAC 40 Index

FR : France: Euronext Paris

7,097.21

+1.22 +0.02%

Volume: 68,167

Jan. 27, 2023 6:05p

/zigman2/quotes/210598409/delayed

Add to watchlist UK:UKX

FTSE 100 Index

UK : FTSE UK

7,765.15

+4.04 +0.05%

Volume: 568,906

Jan. 27, 2023 4:56p

/zigman2/quotes/210598030/delayed

Add to watchlist HK:HSI

Hang Seng Index

HK : Hong Kong Exchange

22,688.90

+122.12 +0.54%

Volume: 2.01M

Jan. 27, 2023 4:08p

/zigman2/quotes/209948968/delayed

Add to watchlist ES00

E-Mini S&P 500 Future Continuous Contract

US : U.S.: CME

$ 4,084.00

-0.25 -0.0061%

Volume: 1.53M

Jan. 27, 2023 3:59p

/zigman2/quotes/210219788/delayed

Add to watchlist NQ00

E-Mini Nasdaq 100 Index Continuous Contract

US : U.S.: CME

$ 12,221.00

-1.25 -0.01%

Volume: 582,529

Jan. 27, 2023 3:59p

/zigman2/quotes/200530572/delayed

Add to watchlist UK:PRU

Prudential PLC

UK : U.K.: London

1,371.50 p

0.00 0.00%

Volume: 3.69M

Jan. 27, 2023 4:35p

P/E Ratio

24.60

Dividend Yield

1.05%

Market Cap

£37.56 billion

Rev. per Employee

£58,127

/zigman2/quotes/201210530/delayed

Add to watchlist XE:LHA

Deutsche Lufthansa AG

XE : Germany: Xetra

€ 9.76

+0.03 +0.29%

Volume: 3.63M

Jan. 27, 2023 6:30p

P/E Ratio

68.60

Dividend Yield

0.00%

Market Cap

€11.66 billion

Rev. per Employee

€282,325