European stocks are set to open lower on Monday as disappointing Chinese GDP and industrial production data added to worries about slowing global growth.
Asian stocks are retreating, with benchmark indexes in China, Australia, Hong Kong and Japan falling between 0.9 percent and 1.2 percent as weaker-than-expected U.S. and Chinese data rekindled global growth worries. Commodities are tumbling, extending Friday's sell-off, while the Japanese yen rebounded on safe-haven demand.
China's GDP growth unexpectedly slowed in the first quarter of 2013, data released by the National Bureau of Statistics showed. GDP expanded 7.7 percent in the first quarter from a year earlier, slower than expectations for an 8 percent increase, while industrial production grew 8.9 percent annually in March, falling short of expectations for a 10.1 percent increase. While retail sales came in line with expectations, fixed asset investment, a key driver of China's growth, grew 20.9 percent in the first quarter compared with forecasts of 21.3 percent expansion.
Elsewhere, Japanese industrial production rose for the third straight month in February, revised data showed.
Close home, the average asking price for a house in the United Kingdom rose 0.4 percent in April from the previous year, property tracking website Rightmove said - slowing from the 1.4 percent increase in March. On a monthly basis, asking prices climbed 2.1 percent, rising for a fourth consecutive month.
Across the Atlantic, traders will keep a close eye on reports on housing starts, industrial production, and consumer price inflation this week for more clues on the health of the U.S. economy as the earnings season gradually gathers momentum. Citigroup, Intel. Coca-Cola, Bank of America, Google, IBM, Microsoft, General Electric and McDonald's are among the slew of big-name companies scheduled to release their quarterly results this week.
In domestic corporate news, Europe's competition authority should have its first decision by the end of the year in an investigation of alleged manipulation of the Euribor and Libor rates, EU Competition Chief Joaquin Almunia said.
Swiss drug maker Roche Holding AG announced that it has entered into collaboration with biotech firm Ascletis to develop and commercialize Roche's investigative drug danoprevir in China for the treatment of the Hepatitis-C virus.
European stocks moved to the downside on Friday, weighed down by disappointing U.S. data and confusion over whether Cyprus was seeking more bailout funds. The U.K.'s FTSE 100 dropped half a percent and Switzerland's SMI shed 0.7 percent, while France's CAC 40 declined 1.2 percent and the German DAX retreated 1.6 percent.
U.S. stocks fell modestly on Friday, partly due to some disappointing economic data, including reports showing an unexpected drop in retail sales in March and a substantial deterioration in consumer sentiment in April. On the earnings front, both JP Morgan and Wells Fargo reported better than expected earnings, but revenues fell short of expectations. The Dow edged down marginally, while the tech-heavy Nasdaq edged down 0.2 percent and the S&P 500 dropped 0.3 percent.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.