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LONDON, Feb 15 (Reuters) - Weak inflation data from China sent European stocks slipping further on Friday, with car shares and Germany's DAX the worst hit.
The German index, the most sensitive to China due to its large share of exporters, fell 0.6 percent with car manufacturers BMW BMWG.DE , Daimler DAIGn.DE , and Volkswagen (DE:VOWG_p) VOWG-p.DE leading losses.
Europe's STOXX 600 .STOXX managed, barely, to hover flat as gains in telecoms and industrials helped offset the China strain.
Telecom Italia TLIT.MI was another top gainer, up 7.5 percent after a source said Italian state lender CDP has authorisation to increase its stake in the firm to 10 percent within the next 12 months. ETL.PA on the other hand sank 9.2 percent, the biggest faller on the STOXX, after its first half results. A trader said the company's CEO A talked down the possibility of consolidation in the industry. defence firm Saab SAABb.ST climbed 6 percent after its fourth-quarter earnings beat expectations and it forecast better margins and sales in 2019. European market was already dragged down on Thursday by very weak U.S. retail sales data. It was nonetheless on track for its first weekly gain in four, having hit a three-month high on Wednesday.
M&A also moved some shares.
German internet portal Scout24 G24n.DE surged up 12 percent to the top of the STOXX after it welcomed a higher offer from a private equity consortium of Hellman & Friedman and Blackstone (NYSE:BX). media giant Vivendi VIV.PA climbed 4.6 percent after reporting strong results for its Universal Music Group arm, and confirming it would soon select financial advisors to sell a stake of up to 50 percent in UMG. insurer Allianz ALVG.DE hovered around flat after it reported results in line with expectations.