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European shares fall after Saudi attacks, bleak China data

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By Reuters
European shares fall after Saudi attacks, bleak China data
FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, September 12, 2019. REUTERS/Staff/File Photo   -   Copyright  STAFF(Reuters)

(Reuters) – European shares fell on Monday after four straight sessions of gains as attacks on crude facilities in Saudi Arabia and weak China data dented investors’ risk appetite.

The drone attacks in the weekend, which cut more than 5% of the global oil supply, sent crude prices soaring as much as 19%, pushing the oil & gas index 3% higher.

Airline stocks were down, with Ryanair Holdings, Air France KLM SA and EasyJet PLC falling more than 4%.

Data showed China’s economic slowdown deepened in August, with industrial production growing at its weakest pace in 17-1/2 years amid rising U.S. trade pressure and softening domestic demand.

The pan-European STOXX 600 index fell 0.5% at 0710 GMT, with trade-sensitive German shares falling 0.6%.

London’s FTSE logged the smallest losses, with a 0.07% dip, helped by a rise in shares of oil majors BP and Shell.

(Reporting by Shreyashi Sanyal in Bengaluru; Editing by Saumyadeb Chakrabarty)