Stocks Down Ahead of US/China Econ Data

BEIJING (AP) -- Global stocks were mostly lower Monday following Wall Street's loss last week as investors looked ahead to Chinese and U.S. economic data.

KEEPING SCORE: In early trading, France's CAC-40 slipped 0.6 percent to 4,454.01 and Germany's DAX dropped 0.6 percent to 9,633.26. Britain's FTSE 100 fell 0.4 percent to 6,086.14. On Friday, the CAC 40 rose 3.7 percent and the DAX gained 3 percent, while Britain's FTSE 100 added 2.5 percent. Wall Street looked set for gains, with futures for the Dow Jones industrial average and the Standard & Poor's 500 up 0.3 percent.

CHINA, US OUTLOOK: Investors who worry China's economic downturn might deepen were looking ahead to purchasing managers indexes Thursday for manufacturing and service industries. A private measure of U.S. payrolls is due out Wednesday, followed by government employment data Friday. Analysts see no signs the U.S. labor market is weakening after the Commerce Department raised its estimate of economic growth in the April-June quarter. That could help to support sentiment in the U.S. Federal Reserve in favor of an interest rate rise by the end of this year.

THE QUOTE: "Investor attention will turn to the macro this week," said Michael McCarthy of CMC Markets in a report. "The big news will flow from China and the USA. Concerns about economic growth in China make this Thursday's official and private PMIs crucial. The manufacturing and non-manufacturing data will drop side by side, offering a snapshot of where China stands right now. On Friday, U.S. non-farm payrolls will speak directly to the potential for an October rate rise."

ASIA'S DAY: Tokyo's Nikkei 225 index fell 1.3 percent to 17,645.11 and Singapore, Bangkok, Manila and Jakarta also retreated. Sydney's S&P/ASX 200 rose 1.4 percent to 5,113.50 and the Shanghai Composite Index gained 0.3 percent to 3,100.76. New Zealand also advanced. Markets in Hong Kong, Taiwan and South Korea were closed for holidays.

CHINA PROFITS: Profits at China's major industrial companies declined by 8.8 percent in August, government data showed, in a new sign of weakness in the world's second-largest economy. The National Bureau of Statistics blamed declining prices, shrinking investment income and depreciation in the country's yuan. Economist Yating Xu at IHS Global Insight said consumer goods manufacturing is resilient but could suffer if economic growth falls further and drags on domestic consumption.

ENERGY: Benchmark U.S. crude was down 30 cents to $45.40 per barrel in electronic trading on the New York Mercantile Exchange. The contract gained 81 cents on Friday to $45.70. Brent crude, used to price international oils, shed 38 cents to $48.89 in London after rising 41 cents the previous session to $49.27.

CURRENCIES: The dollar declined to 120.34 yen from Friday's 120.66 yen. The euro dropped to $1.1187 from $1.1195.

(BAS)