European stocks are diving.

Equities across Europe are taking a pounding on Thursday as investors react to a disappointing set of economic data out of China overnight, and a slump in the price of oil.

All of the continent's major stock indexes are deep in negative territory, with most losing more than 1% of their value so far on what looks to be a so-called "risk-off" day in the financial markets.

As of 12.30 p.m. BST (7.30 a.m. ET) the biggest drop from Europe's major markets comes from Italy's FTSE MIB. The MIB has dropped 1.4% on the day, dragged lower by financial services and telecoms stocks.

Here's how the MIB looks so far:

By Will Martin.
Full story at Yahoo News.