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European stocks start lower on waning sentiment

On Tuesday, European stocks started lower as downbeat manufacturing activity data from China and from America kept weighing on market sentiment, while investors kept an eye open on a new series of earnings reports.

In Europe, the EURO STOXX 50 dared to retreat 0.81%. At the same time, French CAC 40 dipped 0.66%, German DAX 30 tumbled 0.46%.

Data on Monday demonstrated that in July, Chinese official manufacturing purchasing managers’ index slumped to 49.9 from last month, compared with hopes for an intact reading.

In America, the Institute for Supply Management told that the previous month its index of manufacturing activity edged down to 52.6 from June’s reading of 53.2. Financial experts had expected the index to slump to 53.0 in July.

Financial stocks traded broadly lower, as French lenders Societe Generale along with BNP Paribas decreased 2.23% and 3% respectively. Meanwhile, German Deutsche Bank as well as Commerzbank slumped 2.83% and 6.32% respectively.

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