EU equities drop on poor China data

Europe’s stock markets sank Monday after a mixed Asian session, as investors tracked weak Chinese data and fears that high inflation will spell tighter global monetary policy.

China’s economic growth eased to 4.9 percent in July-September, slower than forecasts, as a crackdown on its property sector and an energy crisis began to bite.

“European markets head lower after disappointing Chinese data,” said IG analyst Joshua Mahony.

Elsewhere Monday, oil prices hit multi-year peaks on tight supplies and soaring demand.

Bitcoin rose above $62,800, with optimism that US regulators will make the cryptocurrency more attractive to traditional investors.