Food and drink, tobacco stocks weigh on Europe

European stocks pushed firmly into the red on Thursday, with downbeat data from China adding to political worries in Europe. Drug, food and beverage and oil sectors were selling off, pushing the Stoxx Europe 600 index (XX:sxxp) down 0.6% to 248.31, led by a 1.5% drop for Novartis AG (CH:novn)(US:nvg) and a 1.3% fall for British American Tobacco PLC (UK:bats).

The French CAC 40 index bore the brunt of losses, down 1.4% to 3,075.99, led by a 2% drop for Pernod Ricard SA (FR:ri) and a nearly 2% loss for LVMH Moet Hennessy Louis Vuitton SA (FR:mc). L'Oreal SA (FR:or) fell 1.7%. The German DAX 30 index (DX:dax) fell 0.4% to 6,447.52 and the FTSE 100 index (UK:ukx) fell 0.7% to 5,494.32. The Spain IBEX 35 index (XX:ibex) remained higher, up 0.7% to 6,863.10, on news of a nationalization for Bankia SA (ES:bkia) but pared earlier gains. The Athens Composite (GR:gd) was up 1.7% to 625.87 as political worries eased and the country got approval for most of its next aid tranche.