European Stocks Close at Lowest Level After Weak Chinese Data

European stocks reached a two-month low on Wednesday, as concerns about a global slowdown outweighed weak economic data from China. The European "Stoxx 600" index closed down 1.1% after hitting its lowest level since March 30, plunging 3.2% amid worries about the debt ceiling and signs of a global economic slowdown. The declines on the index were led by the troubled Swedish real estate company SBB, which fell 27.7%, as local analysts pointed to a media report regarding a potential breach of loan agreements. Meanwhile, shares of B&M surged 8% after the British retail company forecasted an increase in core profits for 2024.