European stocks drop on commodities sell-off, mixed PMIs

The European stocks trade on a weaker note this Wednesday, largely weighed down by losses in the banking and energy sector stocks. A renewed sell-off witnessed across the commodities’ space, particularly with oil and copper prices down nearly -1.50%, drags the resource, mining and energy stocks lower.

Moreover, mixed manufacturing PMI reports released across the Euro area economies also continue to dampen the sentiment around the region’s equities. German manufacturing PMI improved to 52.1 points in May, from 51.8 in April, while Euro zone PMI witnessed a small tick down from 51.7 previously, and meeting projections. Contrarily, the UK manufacturing PMI rose to 50.1 points in May, compared to 49.2 points posted in April.

Meanwhile, Germany's DAX 30 index drops -0.43% to 10, 217. Among the other indices, the French CAC 40 index slips -0.54% to 4,481 levels, while the pan-European Euro Stoxx 50 index declines -0.61% to 3,044 points.