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European stock markets dip lower

European stock markets were slightly down in seesaw trading Friday as traders headed into the weekend faced with more poor Chinese data.

The data weighed on the mining sector but this was offset by news of heavy job cuts from Anglo American, with investors cheering the cost cutting measures.

There was support also from news that although eurozone private sector business activity slowed in July, it was holding up much better than expected against an aggravation of the Greek debt crisis.

London's benchmark FTSE 100 index slid 0.26 percent lower to stand at 6,637.96 points in mid-afternoon trading.

Frankfurt's DAX 30 was down 0.46 percent to 11,459.18 points and the CAC 40 in Paris receded 0.25 percent to 5,1074.13 compared with Thursday's close.

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In foreign exchange, the euro fell to $1.0949 from $1.0985 late in New York on Thursday.

Most European markets had pushed into positive territory earlier in the day.

"Equity markets are positive... despite a weak start, as traders assume China's PMI manufacturing miss will simply mean more policy stimulus from Beijing to keep the economic growth ball in the air," said Mike van Dulken, head of research at Accendo Markets.

- China fears trump Greece -

Asian stock markets mostly fell Friday following more downbeat Chinese data and another sell-off on Wall Street while the dollar edged up ahead of an expected US interest rate rise.

Gold prices extended losses as commodity prices are hurt by the stronger dollar, but oil recovered slightly from Thursday's dips although a global supply glut is expected to keep a lid on any strong gains.

Selling was increased by news that a closely watched gauge of Chinese manufacturing activity had tumbled in July, adding to concerns about the mainland economy.

"The issue of falling commodities has replaced Greece and Chinese equity volatility as the centrepiece of the capital markets," said Chris Weston, chief market strategist at traders IG.

Europe's main markets closed mixed Thursday amid subdued trading over lingering concern about Athens finalising a bailout deal with creditors, despite Greece's Syriza-dominated parliament having voted through the second of two sets of tough reform packages earlier in the day.

On Friday, the so-called "troika" of Greek creditors -- the International Monetary Fund, European Union and European Central Bank -- was set to arrive in Athens to begin negotiating the complex and contested details of a third bailout to Greece worth up to 86 billion euros.

In company news, Anglo American reported heavy first half losses and announced staff numbers would drop by 6,000, with the global mining firm hit by the weakness of iron ore prices.

Its share price was trading 0.89 percent higher to 813.60 pence after rising over two percent earlier in the day.

Shares in Lonmin though slumped 11.39 percent to 65 pence after the world's third largest platinum producer said it was set to cut 6,000 jobs in South Africa owing to falling prices and high costs, dealing another blow to the country's fragile economy.

US stocks were mixed in opening trade Friday, with Amazon soaring after its surprise profit report offsetting investor concerns on China's slowing economy.

Five minutes into trade, the tech-rich Nasdaq Composite Index was up 0.15 percent at 5,154.30 points, lifted by Amazon's 16.8 percent jump after the online retail giant reported an unexpected swing into profit in the second quarter.

The Dow Jones Industrial Average edged down 0.04 percent to 17,724.20 points, while the broad-based S&P 500 slipped 0.08 percent to 2,100.38.

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