European stocks fall on weak Chinese data; Pandora shares down 6% – CNBC

The pan-European Stoxx 600 was down around 0.8 percent during mid-morning deals, with all sectors and major bourses in negative territory.

Europe’s technology stocks were the worst performers on Monday morning, down more than 1.2 percent. It comes after official data from China on Monday showed imports fell 7.6 percent year-on-year in December, while analysts had anticipated a 5 percent rise.

Meanwhile, China’s exports unexpectedly dropped 4.4 percent, defying projections of a 3 percent gain. The news appeared to reinforce worries that U.S. tariffs on Chinese goods were starting to take a heavy toll on the world’s second-largest economy.

Looking at individual stocks, Denmark’s Pandora slumped toward the bottom of the European benchmark, after Morgan Stanley slashed its price target for the company. The Copenhagen-listed stock slipped almost 7 percent.

Elsewhere, Britain’s Burberry was trading in positive territory after Bank of America Merrill Lynch raised its stock recommendation to “neutral” from “underperform.” Shares of the luxury stock rose nearly 1 percent on the news.

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