European stock markets drop on Chinese manufacturing data

Frankfurt, Milan, London and Madrid all post declines

European stock markets drop on Chinese manufacturing data

Milan, May 24 - Markets fell across Europe on Friday, paced by Milan's bourse, amid increasing concerns economic growth in China may be slowing after a manufacturing report showed production in the Asian powerhouse is likely contracting for the first time in seven months. Italy's FTSE-Mib index fell 0.7% to 16,896 points. China's manufacturing is slumping in May, and is expected to post the first contraction in seven months, according to a preliminary reading of a purchasing managers' index that showed it declined to 49.6 in May from 50.4 in April. The Frankfurt Dax bourse fell 0.6% to 8,305, while the Paris Cac 40 Index dropped 0.3% to 3,956 points. Madrid's Ibex index declined 1% to 8,264 points. London's Ftse-100 stock market decreased 0.6% to 6,654 points.

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