China’s COVID protests weigh on European stocks

By: MRT Desk

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China's COVID protests weigh on European stocks

European stock markets fell from three-month highs on Monday, led by declines in energy, mining and retail stocks, as widespread protests in China over the country’s restrictive COVID-19 measures have triggered a sell-off in global markets.

The pan-European indexSTOXX 600It fell 0.5 percent by 0802 GMT after Asian stocks fell sharply.

On Monday, China recorded another record of COVID-19 infections, following an exceptional weekend marked by protests, raising concerns over China’s management of China’s ‘zero COVID’ strategy and its impact on the world’s second-largest economy.

European oil stocks lost 2.0% as oil prices ofrawThey fell almost 3%, while the decline in metal prices weighed on miners, which fell 1.1%.

Other European sectors exposed to China, such as automakers and luxury, also fell in early trading.

Credit Suisse(SIX) shares:CSGN) fell 0.3% to a new record low. The head of its Swiss subsidiary said “some customers have withdrawn some of their money, but very few have actually closed their accounts,” in an interview with a local newspaper on Sunday.

Brenntag SE fell 7.6 percent after German chemicals distributor said it had held preliminary talks for a possible merger with U.S. competitor Univar Solutions Inc.

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