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European shares open lower as mining, luxury stocks fall By Reuters

© Reuters. The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, November 4, 2022. REUTERS/Staff

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(Reuters) – 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 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 (EPA:), Pernod Ricard (EPA:) and Hermes International (OTC:), 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 (NYSE:) (PMI) said it was going ahead with its $16 billion plan to buy the Swedish peer.

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