LONDON — European stock markets started the New Year on a down note, with all major indices falling shortly after the Shanghai stock market plunged 7 percent, forcing a halt to trading.
Uneven economic data and a contraction in Chinese manufacturing also pushed the Hang Seng and Nikkei markets down on Monday.
In Europe, the DAX in Frankfurt fell 3.1 percent to 10,415.60, while the FTSE MIB in Milan was down 2.1 percent to 20,964.50, and the CAC 40 in Paris, 1.7 percent to 4,556.38.
The FTSE 100 in London dipped 1.7 percent to 6,138.06.
The euro traded at $1.09, while the pound fetched $1.47 and the Swiss franc equaled $1.00 at 10:45 a.m. CET.
Retail and luxury stocks also had a lackluster start, with the morning’s biggest fallers including Salvatore Ferragamo, 4.5 percent to 20.78 euros; Moncler, 3.7 percent to 12.44 euros; Metro AG, 3.6 percent to 28.50 euros; Burberry, 3 percent to 11.59 pounds; Kering, 2.6 percent to 153.90 euros, and Hugo Boss, 3.5 percent to 74.08 euros.
Meanwhile, Ferrari debuted on the Milan stock exchange, Italy’s first initial public offering of the new year.
The Maranello-based luxury automotive company, which made its public debut on the New York Stock Exchange on Oct. 21, began trading at 43 euros, or $47 at current exchange rate.
The listing on the Milan bourse follows the completion of Ferrari’s spinoff from Fiat Chrysler Automobiles group. Ferrari has been part of Fiat since 1969, when the Turin-based company acquired a 50 percent stake in the automaker founded by Enzo Ferrari.
After the spinoff, Exor, the holding controlled by the Angelli-Elkann family, controls 23.5 percent of Ferrari, while Piero Ferrari holds a 10 percent. The remaining 66.5 percent is now traded on the Milan market.