European stock markets slide on China data

LONDON: Europe's main stock markets slid in early trading on Tuesday, tracking losses across Asia in the wake of more weak data out of China.

Focus was firmly on the brewing sector after Foster's maker SABMiller announced that it had agreed a takeover by Anheuser-Busch InBev, the world's biggest beer producer, for about $109 billion (£71 billion, 96 billion euros) excluding debt.

In early deals, London's benchmark FTSE 100 index fell 0.70 percent to 6,326.30 points compared with Monday's close, as shares in heavyweight miners slumped on weak Chinese import figures.

In the eurozone, Frankfurt's DAX 30 slid 1.0 percent to 10,013.80 points and the Paris CAC 40 slumped 1.44 percent to 4,620.96.

While most companies' share prices were in the red, SABMiller soared 8.56 percent to £39.31 and Budweiser maker AB InBev won 2.0 percent to 100.40 euros.

The terms of Tuesday's takeover deal was priced at £44 per SABMiller share, higher than a fourth bid tabled by AB InBev on Monday that was worth about £43.50 per share.

Elsewhere on Tuesday, a dive in China's imports led to renewed worries about a growth slowdown in the world's number two economy, hitting Asian equities and emerging currencies as investors flocked to safe assets.

However, the figures fed hopes Beijing would use the latest report to unveil a fresh round of stimulus measures, having seen five interest rate cuts since November fail to provide any boost.

European stock markets mostly fell Monday, ending last week's winning streak as traders assessed whether the Federal Reserve would raise US interest rates this year.