Europe stocks lower for fifth session as U.S. data weighs; Volvo Cars down 4%
European stocks were lower Friday after clocking losses in four straight sessions this week.
The pan-European Stoxx 600 index was down 0.32% at 9:25 a.m. in London as most sectors moved lower.
After closing last week at a record high, the Stoxx 600 has tumbled more than 2.5% in its worst performance since the early August sell-off.
A slew of data from the U.S. has come in weaker than expected, including manufacturing surveys, jobs openings and private sector payrolls, fueling market bets that the Federal Reserve will cut by 50 rather than 25 basis points at its Sept. 18 meeting. CME Group's FedWatch tool last put the probability of a 50 basis point cut at 41%.
Friday will see the release of the closely watched August jobs report, as investors assess the scale of the slowdown in the world's largest economy.
The economic data has also led to a rough start to September for U.S. stocks, with futures trading mixed in the early hours.
In Europe, Volvo Cars slid 4% to its lowest level since January. The Swedish automaker said on Thursday that it would scale back its medium-term margin and revenue targets, along with its aim of selling all electric and plug-in hybrid vehicles by 2023.
Source: CNBC
