European stocks slip on worries about China’s COVID curbs

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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.