LONDON, March 8 (Reuters) - European shares slipped to a one-week low on Tuesday, with a drop in industrial metals prices following poor trade data from China, the world’s top metals consumer, putting pressure on the mining sector.
China’s February trade performance was far worse than economists had expected, with exports tumbling the most in over six years, days after top leaders sought to reassure investors that the outlook for the world’s second-largest economy remains solid.
The STOXX Europe 600 Basic Resources index fell 3.6 percent, the top sectoral decliner, dragged down by a 4.2 to 5.7 percent fall in shares of BHP Billiton, Anglo American , Rio Tinto and Glencore.
The pan-European FTSEurofirst 300 index, which reached one-month highs on Friday after three straight weeks of gains, fell 1.1 percent to its lowest level in a week.
Shares in French supermarket retailer Casino also fell by around 1 percent after U.S. research firm Muddy Waters launched a new attack on the company. Casino had no immediate comment in response to Muddy Waters’ report.
However, luxury goods group Burberry rose 4.5 percent after the Financial Times reported that Burberry was seeking help to fight off a takeover bid. (Reporting by Atul Prakash; Editing by Sudip Kar-Gupta)