European Shares Extend Declines on Global Growth Concerns

(Bloomberg) -- European shares fell at the open, following Asia markets lower, on concerns over global growth and signs China wants to slow the country’s equity rally.

The Stoxx 600 Index dropped 0.7 percent, with all sub-sectors down, led by drops in autos and basic resources. Banks also slipped.

Following the ECB’s outlook cut this week, China’s reported exports in February that declined more than 20 percent from a year earlier. The country’s stocks fell the most in almost five months after a sell rating from the nation’s largest brokerage. Investors will keep an eye on U.S. job data for February to be published at 2:30 p.m. CET.

“Friday is poised to extend declines, at least until jobs report in the U.S. later in the day,” Ignacio Cantos, investment director at ATL Capital in Madrid, said by phone. “Economic data is worsening more than expected, while the trade war and Brexit uncertainties remain, so it’s time to be more cautious.”

To contact the reporter on this story: Macarena Munoz in Madrid at mmunoz39@bloomberg.net

To contact the editors responsible for this story: Beth Mellor at bmellor@bloomberg.net, Jon Menon

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