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Premarket: China, Moody's France warning weaken stocks Add to ...

Global stocks slipped as China reported slowing economic growth and Moody's warned that it might cut France's credit rating because of the European debt crisis.

Britain's FTSE 100 fell 1 per cent, France CAC 40 lost 1.6 per cent, and Germany's DAX edged 0.3 per cent lower. Japan's Nikkei slid 1.6 per cent, while Hong Kong's Hang Seng plunged 4.2 per cent.

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U.S. stock futures signalled a weaker opening as well. Dow futures lost 33 points, or 0.3 per cent, trading at 11,268. S&P 500 futures inched 2 points, or 0.2 per cent, lower to 1,191.90.

Commodities also lost ground after China said GDP growth in the three months through September was 9.1 per cent, slower than the previous quarter's 9.5 per cent and at the lowest level in two years.

Also hurting sentiment was a Moody's statement that it could place France's triple-A rating on negative outlook in the next three months if the costs for helping to bail out banks and other euro zone members overstretched Paris's budget.

German officials, including the finance minister, warned investors against believing that Sunday's summit of euro zone leaders in Brussels would mark a turning point in the region's sovereign debt crisis. Investors had hoped that Europe, led by Germany and France, was preparing a solution that would include steps to strengthen its bailout fund, recapitalization of a large part of the banking sector and a plan to get banks to take a bigger hit on their Greek debt holdings.

The euro fell, trading 0.4 per cent lower at $1.3677 (U.S.).

The Canadian dollar declined to 97.62 U.S. cents.

West Texas Intermediate crude oil slipped 31 cents to $86.07 a barrel.

Gold lost $17.60 to trade at $1,659 an ounce.

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