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The pan-European STOXX 600 index was down 0.5% by 0706 GMT. The benchmark index posted gains of nearly 3% in the previous week, driven by hopes that the U.S. Federal Reserve could wind up its interest rate hikes soon.
Data on Monday signalled China’s economy grew at a frail pace in the second quarter on weaker demand, leading to a fall in commodity prices, which dragged miners and energy firms down 1.6% and 0.8%, respectively.
Shares of Richemont dropped nearly 7% after the world’s second-biggest luxury firm reported a 19% rise in its quarterly organic sales, but fell short of analysts’ estimates.
Shares of other China-exposed luxury firms such as LVMH (EPA:LVMH), Hermes (EPA:HRMS), and Kering (EPA:PRTP) slumped between 2% and 2.7%.
