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