European shares were seen falling at the open on Monday as weak Chinese economic data contributed to a rout in the commodities market and early indications pointed to disappointing sales at the start of the US holiday shopping season.
At 0609 GMT, futures for the Euro STOXX 50 equity index, Germany’s DAX and France’s CAC were between 0.6 per cent and 0.8 per cent lower.
London copper tumbled to its lowest in four-and-a-half years and oil fell more than $2 a barrel to a five-year low after data showed China’s factories slowed more expected in November, casting a shadow over demand prospects at a time when the oil market already faces a supply glut.
Precious metals’ miners could also come under pressure after the yellow metal slid 2 per cent on Monday and silver slumped to its lowest since 2009. Swiss voters overwhelmingly rejected a proposal to boost central bank gold reserves, providing a new trigger for sell-offs in an already nervous market.
Thanksgiving week-end sales
Adding to a more subdued market tone after a two-week rise for major European indexes, the U.S. National Retail Federation estimated sales over the full Thanksgiving week-end would show a decline of 11.3 percent from a year earlier, to $50.9 billion.
Manufacturing data from the euro zone’s three largest economies, due between 0845 GMT and 0900 GMT, could also steer the market in early trade.
European Central Bank Executive Board member Sabine Lautenschlaeger had said on Saturday she saw little room for further easing of monetary policy despite a further fall in euro zone inflation.