European stocks slip on worries about China’s COVID curbs

European shares slipped on Monday, with economically sensitive sectors like miners and industrials leading the losses on worries about the impact of surging COVID-19 cases in China.

The pan-European STOXX 600 index was down 0.2% by 0811 GMT, after marking its fifth straight weekly gain on Friday.

Asian stocks fell 1.3% as investors fretted about the economic fallout from fresh COVID-19 restrictions in China, with Beijing’s most populous district urging residents to stay at home as COVID-19 cases rose.

Miners travel & leisure, and industrial goods and services fell between 0.5% and 1.4%, leading losses among European sectors. Defensive sectors such as healthcare and utilities rose in early trading.

Julius Baer slipped 0.5% even as the bank said it was on track to reach its 2022 profitability targets despite “challenging market” conditions taking a big bite out of its assets under management.

HelloFresh rose 5.4% after Goldman Sachs started coverage on the German meal-kit maker with “buy” rating.

European stocks drop as traders braced for a crucial earnings season amid concerns about more Covid curbs in China as cases rise again https://t.co/AI2NGged0h

— Bloomberg Markets (@markets) July 11, 2022