BUZZ-European stocks and China: industrials next to feel the pinch

** Slump in China exports dominating discussion in Europeanequities on Monday, but heavily depressed valuations inChina-exposed stocks means industrial names could be mostsensitive to further weakness, rather than more obvious names inmining and luxury that have already de-rated heavily

** China's July exports slump 8 pct v a 1 pct fall forecast

** Citi screens for stocks with > 25 pct Asia Pac exposure,negative earnings momentum and on 2x P/B

** Includes Richemont and Swatch butindustrials dominant, with ABB, Alfa Laval,Rolls Royce, Schindler and Wartsila all present

** SCS, Ericsson and Givaudan also mentioned. Chart: http://link.reuters.com/nyb45w

** Companies with China revenues > 15 pct fall into 4 broadcategories with UK-listed miners (BHP Billiton, Glencore, Anglo American, Rio Tinto ) wellrepresented

** Luxury consumer goods (Burberry, LVMH,Richemont, Swatch, Pernod Ricard ) derive 15-40 pctrevenues from China

** Asian-focussed UK banks (Standard Chartered,HSBC ) and European tech stocks (ARM, Infineon, STMicro ) other noticeable themes

** However, China-exposed stocks trading close to 15-yearrelative P/B lows, with commodities in particular at extremelevels. Chart: http://link.reuters.com/jyb45w (RM: alasdair.pal.thomsonreuters.com@reuters.net)