(Bloomberg) — European equities slipped amid light trading, as China’s central bank decision to unexpectedly cut a key interest rate failed to reassure markets about the country’s economic outlook, while UK blue-chips underperformed following record UK wage growth.
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The Stoxx Europe 600 declined 0.6% at 8:53 a.m. in London, with volumes 37% below the average for the past 30 days at this time of day. The People’s Bank of China lowered rates to bolster an economy that’s facing fresh risks, stoking concerns about the impact on global growth. The surprise move came shortly before the release of disappointing economic activity data for July.
In Europe, real estate and insurance lagged all other sectors. Among individual movers, Marks & Spencer Group Plc jumped after raising its outlook, predicting profit growth in 2023 as it gains market share in groceries,…
