European stocks tumble over worsening business indicators

By Ovunc Kutlu

ANKARA (AA) - European stock exchanges closed lower on Thursday amid worsening business activity indicators in major economies.

The STOXX Europe 600, which includes around 90% of the market capitalization of the European market in 17 countries, was down by almost 3.34 points, or 0.82%, to close at 402.40.

The UK’s FTSE declined by 68 points, or 0.97%, to 7,020, after the country’s manufacturing purchasing managers’ index (PMI) for June slumped to the lowest level in 23 months.

The index fell to 53.4 in June, down 1.2 points from 54.6 in May, US-based financial services company S&P Global said earlier in the day.

Germany’s DAX 30 was the day’s worst performer, plummeting by 231 points, or 1.76%, to 12,912.

Germany’s business activity this month also fell to its lowest level in 23 months, according to S&P Global, with the manufacturing PMI dropping to 52.0 in June from 54.8 in May.

France’s CAC 40 shed 33 points, or 0.56%, to 5,883, while Italy’s FTSE MIB fell by 173 points, or 0.8%, to 21,615.

Spain’s IBEX 35 was down by 39 points, or 0.48%, to 8,106.