European stock markets slipped on Tuesday, after data showed growth in the Chinese services sector slowed in September and the U.S. government shutdown moved into Day 8.
In China, the HSBC China Services Purchasing Managers’ Index fell to 52.4 in September from 52.8 in August, indicating that growth in the services sector is slowing down.
In US, Federal Reserve Bank of Dallas President Richard Fisher said yesterday the U.S. “cannot afford to default” and that debt ceiling talks “will come down to the wire.”
With the shutdown affect data outflow, some analysts in the market have turned their focus to how the central bank may react given the current fiscal situation. With this in mind, the release of the FOMC minutes for September due on Wednesday could give the data-starved market something to chew on.
The Stoxx Europe 600 index fell 0.2% to 308.58, after closing at the lowest level since Sept. 9 on Monday.
The U.K.’s FTSE 100 index shed 0.2%, Germany’s DAX 30 index dropped 0.1% and France’s CAC 40 index lost 0.2%.
Shares of Novartis AG lost 0.8% after J.P. Morgan Cazenove cut the drug maker to neutral from overweight.
In the same vein, shares of GDF Suez SA lost 1.7% after Citigroup downgraded the utility firm to neutral from buy.
In Europe, mining firms posted some of the biggest losses, with shares of BHP Billiton PLC down 1.7%, Rio Tinto PLC off 1.4% and Anglo American PLC 0.7% lower.
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