European Markets closed lower on Tuesday, adding second consecutive losing session as markets moved lower on the back of weak data coming out of China. The hardest hit were commodity and luxury-goods shares, as China is a major buyer of commodities and a key consumer being the world’s second-largest economy, they have been key drivers of the luxury-goods market.

The Stoxx Europe 600 index fell almost 1% reaching its lowest close since Oct. 5. Other indices also reflected the weak data as France’s CAC 40 and the German DAX 30 index both slumped close to 1%

Shares of Gucci and Yves Saint Laurent, parent company Kering SA ending down 3%, and LVMH Moët Hennessy Louis Vuitton SE closed 3.2% lower.

On a more positive note the Dutch semiconductor-equipment maker ASML, whose customers include large chip makers such as Intel Corp. and Samsung Electronics Co. reported a jump in third-quarter net profit and said they remain on track to achieve record sales this year. Net profit was 322 million euros compared with EUR244 million in the same period a year earlier.

In the IPO spotlight, Fiat Chrysler Automobiles NV will list shares of its unit Ferrari NV on Milan's stock exchange after the luxury sports-car manufacturer begins trading on the New York Stock Exchange later this month. The price range for Ferrari shares announced last week values the company at as much as $9.8 billion. A final price is expected to be decided early next week as the stock is expected to start trading in the middle of next week.

In London, commodity share Glencore PLC fell close to 3% on the back of the weak data coming out of China.  Anglo American PLC also declined weighing down on the U.K.’s FTSE 100, however it was not all doom and gloom on the FTSE as Fresnillo PLC shares were trading higher by 0.7% after the precious metals miner said it remains on track to meet its output targets after reporting mixed third-quarter silver and gold output.

More positive news coming out of the U.K. was that unemployment fell to its lowest rate since mid-2008, a sign that the labor market is withstanding strains from the global economy, the pound strengthened on the back of this news.

In the U.s, stocks declined from their seven week highs. Equities slipped as industrial shares sank amid weak China imports data and selling picked up in biotechnology stocks.

Federal Reserve meeting minutes showed policy makers were cautious about raising interest rates amid concerns that China’s weakness could continue to spill over.

The S&P 500 Index slipped 0.7 percent In New York, declining for the first time in five sessions.  Not all equities were losing however with Molson Coors Brewing Co. jumping 10 percent to a record after Anheuser-Busch InBev NV said it will pay about $106 billion for SABMiller Plc. Molson Coors could be one of the biggest beneficiaries of the deal because the combined entity will probably offload its stake in MillerCoors, and Molson Coors is one of the potential buyers.

This article was issued by Andrew Cassar Torregiani, Trader/ Analyst at Calamatta Cuschieri. For more information visit, www.cc.com.mt. The information, view and opinions provided in this article is being provided solely for educational and informational purposes and should not be construed as investment advice, advice concerning particular investments or investment decisions, or tax or legal advice. Calamatta Cuschieri & Co. Ltd has not verified and consequently neither warrants the accuracy nor the veracity of any information, views or opinions appearing on this website.