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European stocks veered sharply lower Thursday, the selloff sparked after Chinese economic data highlighted worries about slowing growth in the world's second-largest economy. Equities were mired in red after data showed Chinese exports fell by a more-than-expected 10% in September. Also, imports declined by more than anticipated, by 1.9%. China is major buyer of industrial and precious metals.
U.S. stocks finished in the red Thursday as investors grew jittery following the Federal Reserve's latest meeting minutes as well as weak Chinese economic reports. But the market closed off intraday lows. The market is "missing the catalyst to push stocks higher," said Lance Roberts, chief investment strategist at Clarity Financial LLC, who noted that after a "fantastic run" in the market, the economy has started to lose steam while an earnings recovery is uncertain.
Asian stocks fluctuated after Chinese inflation beat expectations, boosting optimism about the strength of the world's second-largest economy, while Japanese shares dropped. Equities in Thailand rose on prospects for a smooth transition following the death of King Bhumibol Adulyadej.
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