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European stocks were subdued on Monday as concerns about new COVID-related curbs in Asia, especially in China, dented optimism over economic revival.<\/p>\n
Additionally, China’s factory gate inflation in July rose at a faster clip from the previous month, raising concerns that inflation could spike further if lockdowns in parts of the country cause supply problems.<\/p>\n
There was some respite on the economic front as new data showed Germany’s exports grew at a faster pace in June despite persistent supply bottlenecks in manufacturing.<\/p>\n
Exports grew 1.3 percent month-on-month in June, following May’s revised 0.4 percent increase, Destatis reported. The rate was expected to climb 0.4 percent after 0.3 percent growth initially estimated for May.<\/p>\n
Meanwhile, growth in imports eased to 0.6 percent from 3.4 percent. Economists had forecast the annual growth to slow to 0.5 percent.<\/p>\n
The pan-European Stoxx Europe 600 was marginally lower at 469.79 after ending flat with a positive bias on Friday. <\/p>\n
The German DAX slipped 0.2 percent and the U.K.’s FTSE 100 dipped 0.4 percent, while France’s CAC 40 was little changed with a negative bias. <\/p>\n
Miner Antofagasta dropped 1 percent in London and Glencore shed half a percent as copper eased on a firmer dollar.<\/p>\n
BP Plc fell nearly 2 percent and Royal Dutch Shell declined 1.4 percent as Brent futures slumped more than 4 percent on concerns about potential global oil demand erosion.<\/p>\n
Vectura shares jumped 4.6 percent after the drug maker received a higher bid from Philip Morris International Inc.<\/p>\n
Deliveroo soared 9.4 percent after German food delivery group Delivery Hero built a 5 percent stake in its U.K. rival. Shares of the German firm declined 1.3 percent. <\/p>\n
Financial services company Hargreaves Lansdown plunged almost 10 percent after an earnings miss.<\/p>\n
Wacker Neuson shares tumbled 3 percent. The German construction company has warned of supply-chain challenges despite reporting an increase in second-quarter profit. <\/p>\n<\/p>\n<\/div>\n