Economics
European Stocks Lose Gains as U.S. Data Mute Growth Optimism
- U.S. manufacturing shrank first time in six months in August
- Strong U.K., Chinese factory data had earlier boosted shares
European Stocks Little Changed as ISM Disappoints
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An unexpected contraction in American manufacturing took its toll on European equities, putting a damper on earlier optimism that global economic growth is gaining momentum.
The Stoxx Europe 600 Index lost almost all of an advance of as much as 1 percent, after the U.S. data highlighted slumping orders and production. That outweighed earlier reports showing U.K. factory activity reached a 10-month high and a manufacturing gauge in China unexpectedly rose. Health-care shares posted their biggest two-day slump since June, while energy stocks followed oil prices lower.