European shares dipped at the open on Monday, as China-exposed mining firms lost ground on concerns over its embattled property sector, while energy firms slipped on dipping oil prices. By 0703 GMT, the pan-European STOXX 600 dipped 0.1%, adding to declines from the previous session.
The basic resources sector, which houses Europe’s largest mining firms lost 1.0%, while oil and gas stocks slipped 0.8% as prices of crude and base metals fell on heightened concerns over China’s property sector and a firmer dollar.
China-exposed luxury giant and Europe’s most valuable publicly traded firm, LVMH shed 0.5%.
Luxury stocks, Fed rate pause bets boost European shares
Geopolitics was also on investors’ minds after a Russian warship fired warning shots on a cargo ship in the Black Sea over the weekend.
In a bright spot, Philips jumped 4.7% to the top of the STOXX 600 after Dutch investment firm Exor NV took a 15% stake in the healthcare company.
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