EUROPE MARKETS: European Stocks Dragged Toward Third Straight Loss

By Carla Mozee, MarketWatch

LONDON (MarketWatch) -- European stocks sold off Tuesday, with the pan-European benchmark heading toward a third straight loss, as shares of commodity-linked companies were hurt by persistent signs of slowing global growth.

The Stoxx Europe 600 fell 1% to 345.21, with all sectors mired in red.

Out of China, state media reported that the government might cut its 2015 growth target to as low at 7%, down from the 2014 goal of about 7.5%. The report came as the country's top leadership met for the annual Central Economic Work Conference in Beijing. Shares in Shanghai sold off sharply, for the biggest daily percentage drop in five years.

Shares of European commodity producers on Monday logged losses after data showed imports into China -- a key buyer of commodities -- dropped, missing expectations of 3% expansion. The mining and energy groups extended losses on Tuesday, with each fell more than 1.2% falling more than 1%. Mining heavyweight BHP Billiton PLC (BHP) lost 2.1%, and Glencore PLC fell 1.1%.

Premier Oil PLC fell 4.4%, and Ophir Energy PLC moved 3.4% lower.

Meanwhile, Germany -- Europe's largest economy-- posted a decline in seasonally adjusted exports in October, down 0.5%. But the decline comes against a backdrop of a 5.5% rise in exports in September.

Dropping to the bottom of the Stoxx 600, shares of Tesco PLC sank 10% after the supermarket company cut its full-year profit forecast, citing investments it's making in its business as it battles rival chains. Group trading profit will not exceed 1.4 billion pounds ($2.2 billion), said Tesco, which compares with analysts' expectations of GBP1.94 billion.

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