European shares dip as Chinese trade data disappoints, lira plunges to record low

European stock markets dipped on Wednesday and the U.S. dollar nudged higher as weak Chinese trade data had investors fretting about softening global demand, with attention turning towards next week’s pivotal inflation data and Federal Reserve meeting.

Meanwhile, Turkey’s lira plunged to a record low against the greenback as authorities appeared to loosen stabilising measures after the government signalled a pivot to more orthodox policies.

The pan-European benchmark STOXX 600 (.STOXX) was last down 0.2%. Germany’s DAX (.GDAXI), France’s CAC 40 (.FCHI) and Britain’s FTSE 100 (.FTSE) were lower by 0.1%-0.4%.

Spanish stocks (.IBEX) outperformed after shares in the world’s biggest fast fashion company Inditex (ITX.MC) jumped 5.8% following first quarter results.

MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) gained 0.5%, led by gains in Hong Kong (.HSI) and Taiwan (.TWII), while Japan’s Nikkei 225 (.N225) fell 1.8%, its sharpest fall in 12 weeks to snap a four-day winning streak.

This report’s information was first seen on REUTERS; to read more, click this link.