European Markets Lower; Tesco Tumbles

(RTTNews) - The European markets are in negative territory on Monday, following weak cues from Asia, ahead of the Chinese manufacturing data due on Tuesday. Investors were apprehensive amid speculation concerning China scaling down its domestic economic growth forecast.

On the economic front, at 10 am ET, the European Commission is expected to release its preliminary consumer sentiment report. The consumer sentiment index is expected to come in at -10.5 in September following the -10 score in August.

European Central Bank President Mario Draghi is due to testify on monetary policy before the European Parliament's Economic and Monetary Committee in Brussels today, with investors looking for fresh hints at the possibility of quantitative easing.

The Euro Stoxx 50 index of eurozone bluechip stocks is losing 0.14 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, is falling 0.41 percent.

The German DAX is losing 0.24 percent, the French CAC 40 is falling 0.26 percent and the FTSE 100 index of the U.K. is declining 0.85 percent. Switzerland's SMI is losing 0.29 percent.

In Frankfurt, Commerzbank is losing 1.8 percent while Deutsche Bank is fractionally lower.

K+S and ThyssenKrupp are falling around 1.7 percent each.

Siemens is losing moderately after deciding to buy US-based Dresser Rand in a transaction valued at about $7.6 billion, including debt.

Deutsche Wohnen is declining 1.5 percent. Merrill Lynch cut the stock to "Underperform" from "Neutral."

Merck KGaA agreed to buy Sigma-Aldrich Corp. for $140 per share in cash, in a transaction valued at $17.0 billion. The stock is modestly lower.

Meanwhile, Kuka is gaining around 2 percent, after Citigroup started the stock with a "Buy" rating.

In Paris, Publicis Groupe is losing 2.8 percent and Vallourec is falling 1.8 percent.

Michelin and Kering are down around 1 percent each.

Meanwhile, EDF is gaining 1.3 percent. Oil giant Total is up 0.4 percent after it announced an additional asset sale program of $10 billion in 2015-17.

In London, Tesco is declining around 8 percent after the retailer announced that it identified overstatement of its first-half profit forecast.

Rio Tinto, Glencore and Anglo American are losing between 3 percent and 2.8 percent.

Publishing Technology, a provider of software and services to the publishing industry, expects full year results to be significantly below market expectations. The stock plunged over 20 percent.

Sulzer, which had announced non-exclusive talks to buy Dresser Rand, is declining over 4 percent in Zurich.

The Asian stocks fell broadly amid concerns about a slowing Chinese economy after Chinese Finance Minister Lou Jiwei said the country would not make major policy changes despite downward pressure on economic growth.

In the U.S., futures point to a lower open on Wall Street. In the previous session, the Dow inched up 0.1 percent, the S&P 500 edged down marginally and the tech-heavy Nasdaq slid 0.3 percent.

Crude for November delivery is falling $0.29 to $91.36 per barrel, while gold is sliding $1.9 to $1214.7 a troy ounce.