European shares set to snap winning streak on slowdown fears, weak earnings

European shares were on track to snap a six-session winning streak on Thursday, after lacklustre U.S. economic data rekindled fears of a global economic slowdown while downbeat corporate earnings at home soured investor appetite further.

The pan-European STOXX 600 was down 0.6 percent at 0815 GMT. In the previous session, the benchmark index marked its longest winning streak since November 2021.

Energy stocks and industrials were the biggest drags amid a broad-based market decline.

Wall Street tumbled overnight after data showed that U.S. manufacturing output had slumped last month and retail sales dropped by the most in a year, while hawkish comments from Federal Reserve officials further weighed on the markets.

Among individual stocks, Renault slipped 2 percent as 2022 group sales fell for a fourth consecutive year after capacity constraints and supply chain snags impacted the French carmaker.

Boohoo fell 5 percent as the British online fashion retailer’s revenue fell 11 percent in its key Christmas trading period, hurt by delivery disruption and tough comparatives.

Shares of Dr Martens Plc slumped 22 percent after the British bootmaker warned on annual profit and revenue due to operational issues.