European stocks slip on worries about China’s COVID curbs

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European shares slipped on Monday, with economically sensitive sectors such as miners and industrialists leading losses on concerns about the impact of rising COVID-19 cases in China.

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

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

Miners, travel and leisure, and industrial goods and services fell between 0.5% and 1.4%, leading losses in European regions.

Defensive sectors such as healthcare and utilities gained in early trade.

Julius Baer slipped 0.5% even as the bank said it was on track to reach its 2022 profitability target despite “challenging market” conditions, taking a substantial chunk from its assets under management.

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

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