European shares slip ahead of economic activity data

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European shares declined on Monday in cautious trade ahead of business activity data amid concerns of an economic slowdown in the bloc.

Easing concerns about interest rate hikes as well as China easing COVID-19 restrictions after protests against the country’s strict “zero-Covid” policy helped stocks gain for a seventh straight week on Friday. Of.

The sector-wide STOXX 600 was down 0.2% at 8:06 a.m. GMT on Monday, with technology and industrial stocks the biggest losers in the index.

The final Services Purchasing Managers’ Index (PMI) number is expected at 9 a.m. GMT, showing economic activity in the euro zone likely slowed in November.

Meanwhile, Britain’s Vodafone Group said Chief Executive Officer Nick Reid would step down at the end of the year and be replaced by finance chief Margherita Della Valle on an interim basis. Shares of the mobile operator were up 1.6% in early trade.

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