European Shares Set To Snap Winning Streak On Slowdown Fears, Weak Earnings

(Reuters) – European shares were on track to snap a six-session winning streak on Thursday, after lacklustre U.S. economic data rekindled fears of a global economic slowdown while downbeat corporate earnings at home soured investor appetite further.

The pan-European STOXX 600 was down 0.6% at 0815 GMT. In the previous session, the benchmark index marked its longest winning streak since November 2021.

Energy stocks and industrials were the biggest drags amid a broad-based market decline.

Wall Street tumbled overnight after data showed that U.S. manufacturing output had slumped last month and retail sales dropped by the most in a year, while hawkish comments from Federal Reserve officials further weighed on the markets. [.N]

Among individual stocks, Renault slipped 2% as 2022 group sales fell for a fourth consecutive year after capacity constraints and supply chain snags impacted the French carmaker.

Boohoo fell 5% as the British online fashion retailer’s revenue fell 11% in its key Christmas trading period, hurt by delivery disruption and tough comparatives.

Shares of Dr Martens Plc slumped 22% after the British bootmaker warned on annual profit and revenue due to operational issues.

(Reporting by Ankika Biswas in Bengaluru; Editing by Sherry Jacob-Phillips)