| 14 July 2024, Sunday |

European shares open lower as mining, luxury stocks fall

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 (PRTP.PA), 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 said it was going ahead with its $16 billion plan to buy the Swedish peer.

  • Reuters