European markets closed mixed on Tuesday afternoon as investors digested data from the euro zone and China, and watched developments from Apple.
The pan-European Stoxx 600 index closed 0.38% lower, despite opening positively, with most sectors trading in the red.
It comes after the Dow Jones Industrial Average in the United States also fell on Tuesday, as the market took a break from its best August performance since the 1980s. The S&P was trading flat and the Nasdaq Composite was bucked the 0.5% uptrend.
Turning to individual stocks, European chipmakers have been boosted by a report that Apple plans to manufacture 75 million 5G iPhones before they launch later this year. Suppliers Apple Dialog Semiconductor, Infineon, STMicro and ASML all rose more than 1%. The broader sector was up 1.2% at the close.
On the data front, figures from China showed manufacturing activity in the world’s second-largest economy grew at its fastest pace in nearly a decade. The Caixin/Markit Purchasing Managers’ Index (PMI) of Chinese manufacturing for August came in at 53.1. PMI readings above 50 indicate expansion, while those below signal contraction. The reading beat expectations and prompted the onshore Chinese yuan to strengthen against the US dollar, last trading at 6.8213.