European stock futures declined as data showed Chinese manufacturing is shrinking and as investors awaited data that a contraction in euro-area industry is continuing. U.S. index futures and Asian shares also dropped.
Futures on the Euro Stoxx 50 Index, a benchmark for the euro area, lost 1.6 percent to 2,781 at 7:13 a.m. in London. Futures on the U.K.’s FTSE 100 Index slid 1.4 percent. Contracts on the Standard & Poor’s 500 Index fell 0.7 percent, while the MSCI Asia Pacific Index tumbled 3.5 percent.
“European markets look set to be taken to the woodshed,” Chris Weston, chief market strategist at IG Markets in Melbourne wrote in a note. “European PMIs will be in focus, and while the market is expecting a slight improvement in both Germany’s and France’s numbers, they will continue to be deep in contraction.”
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