European shares opened lower on Monday, as surging commodity prices added to fears around a burgeoning energy crisis, while weak data from China kept concerns around slowing economic growth alive.
The pan-European STOXX 600 fell 0.4% by 0707 GMT after an upbeat start to the U.S. and European quarterly earnings season helped the benchmark mark its strongest weekly performance since March on Friday.
Asian stocks came under pressure after data showed China’s economy hit its slowest pace of growth in a year in the third quarter, hurt by power shortages, supply chain bottlenecks and major wobbles in the property market.
China-exposed luxury stocks including LVMH and Kering fell about 2% each after Chinese President Xi Jinping’s call to expand a consumption tax.
Dutch health tech firm Philips fell 2.3% after lowering its outlook as a massive recall of respiratory devices and a shortage of electronic components hit third-quarter earnings.
European miners and oil & gas were among the few gainers as crude futures rose past $85 a barrel and metal prices rallied.
British online retailer The Hut Group rose 9.5% after saying it would remove its founder’s “golden share” and seek a premium listing after its shares plummeted last week.
The FTSE MIB climbed down by 0.68% to 26,310.20. In the cash markets, the DAX Germany was trading down 0.47% to 15,514.65. CAC 40 in France fell by 0.95% to 6,663.37 while the FTSE 100 in the U.K. were down by 0.25% to 7,219.35. ,at the time of writing.