European markets fell Tuesday as investors weighed wage growth figures from the U.K. and disappointing data from China.
The pan-European Stoxx 600 index closed 0.9% lower, with most sectors in negative territory. Basic resources slid 1.5% as banks and utilities both fell 1.2%.
Retail stocks were 0.5% higher, boosted by a 7.5% rise in shares of British department store chain Marks & Spencer
, which raised its profit outlook in results published Tuesday.
Median monthly salaries in the U.K., excluding bonuses, increased 7.8% in July from the same period last year, according to early estimates by the Office for National Statistics. The figure is the largest annual growth rate since comparable records began in 2001, the ONS said.
Russia’s central bank hiked interest rates by 350 basis points to 12% at an emergency meeting, as Moscow looks to steady the rapid plummet of the country’s currency.
China reported data for July that broadly missed expectations overnight, with retail sales and industrial production both increasing below expectations. Fixed asset investment also rose at a slower rate than expected, and urban unemployment increased.
China’s central bank also announced rate cuts for the second time in three months.
Asia-Pacific markets finished mixed, while U.S. stocks opened lower as sentiment around China weighed.