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 (.STOXX) was down 0.6% at 0815 GMT. In the previous session, the benchmark index marked its longest winning streak since November 2021.

Energy stocks (.SXEP) and industrials (.SXNP) 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 (RENA.PA) slipped 2% as 2022 group sales fell for a fourth consecutive year after capacity constraints and supply chain snags impacted the French carmaker.

Shares of Dr Martens Plc (DOCS.L) slumped 22% after the British bootmaker warned on annual profit and revenue due to operational issues.

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