European markets are sharply down at the open on Wednesday, after some bad news from China.
Inflation eased in September to 1.6% from a year earlier. The increase, well below the 2% pace of August, was below expectations for a rise of 1.8%.
The print is reflective of a slowdown in China’s economy and opens the prospect for additional monetary policy easing from the PBOC in the months ahead.
The FTSE is off around 1% as of 8:30 a.m. UK time.
Asian markets are down after a tough session in the US. Japan’s Nikkei fell 1.89%.
Glencore continues its trend downwards after recovering from a sub-70 pence plunge at the end of last month. The mining company’s stock is down almost 5%, trading at around 112 pence.
Most of the major European share markets are heading south at the start of trading.
Here’s the scoreboard as of 8:30 a.m. UK time:
Euro Stoxx 50: -1.11%
Germany’s DAX: -1.14%
France’s CAC40: -1.13%
Spain’s IBEX: -1.28%