European Shares Open Lower As Mining, Luxury Stocks Fall
November 7, 2022
European shares opened lower on Monday as mining and luxury stocks fell after hopes of an easing in China's strict COVID-19 measures were quashed over the weekend.
The benchmark STOXX 600 index slid 0.5% by 0805 GMT, following four straight weeks of gains.
China-exposed European miners fell 0.6%, while luxury stocks, including LVMH, Kering, Pernod Ricard and Hermes International, fell between 0.7% and 1.6%.
Health officials in China reiterated their commitment to strict COVID-19 curbs over the weekend, disappointing investors hopeful for a relief. Separately, data showed Chinese exports and imports both contracted in October and missed forecasts.
In a bright spot, however, Swedish Match rose 0.7% after Marlboro maker Philip Morris International (PMI) said it was going ahead with its $16 billion plan to buy the Swedish peer.
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