European stock markets decline amid China's economic data and Italy's banking tax.
Paris, August 8, 2023, European stock markets experienced a decline on Tuesday as they were burdened by underwhelming economic data from China and significant drops in the banking sector following the introduction of a new tax in Italy, according to AFP. In a tumultuous trading session, the Milan Stock Exchange experienced a significant decline of 2.12%, marking its most severe setback in a month. The primary catalyst behind this downturn was the sharp decline in banking stocks, which sent shockwaves throughout the financial market. In the latest market update, Paris experienced a decline of 0.69%, while London saw a decrease of 0.36%, and Frankfurt faced a more significant drop of 1.10%.