Europe open: Stocks drop after weak Chinese data

European stocks declined after worse-than-expected reports on Chinese industrial production and retail sales.

China’s industrial output rose 6.9% in August following a 9% increase in July, missing expectations for 8.8% gain.
Retail sales in China grew 11.9% in August after a 12.2% rise a month earlier. Analysts had predicted a 12.1% climb.

Despite the weak data, Premier Li Keqiang said on Monday that China cannot rely on loose credit to boost its economy.
Barclays Research lowered its 2014 growth domestic product (GDP) estimate by 20 basis points to 7.2%.

“Our downward revision is based on our belief of a shift in the government's attitude and it is now less focussed on achieving the 7.5% growth target,” the analyst said.

In the US, a report is expected to show that industrial production was up 0.3% in August after a 0.4% increase the prior month.

TDC A/S slides

TDC A/S slumped after the Danish telephone company agreed to buy cable TV provider Get AS and said it would cut its dividend.

SABMiller and Heineken rallied after the UK brewer was snubbed in an attempt to buy the Dutch firm.

Nobel Biocare Holding declined after Danaher Corp. agreed to buy the company, paying less than its share price at last close.

The euro fell 0.19% to $1.2938.

Brent crude futures slipped 0.63% to $96.50 per barrel, according to the ICE.