8/16, 5:30 PM (Source: TeleTrader)
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Europe closes lower amid recovery concerns

Shares on major European stock markets closed with sharp losses on Monday, tracking global sentiment after new data from China renewed fears over the economic recovery from the pandemic. China's retail sales and industrial output figures both fell short of expectations earlier in the day, pointing to a possible slowdown in the country's economic recovery from the crisis.

At the same time, traders were keeping an eye on the geopolitical turmoil stemming from the unfolding situation in Afghanistan. US President Joe Biden was scheduled to address the crisis for the first time since the Taliban ousted the government in Kabul later in the day.

The DAX lost 0.32% at the end of the trading session in Frankfurt as Volkswagen led the losses. Meanwhile on the Euronext, the CAC 40 tumbled 0.83% with Kering as the worst performer dropping 4.75%. The UK's FTSE 100 closed 0.90% in the red with mining stocks dragging the index lower. The euro was down 0.15% against the dollar at 5:40 pm CET, buying 1.17788.

Breaking the News / JC