European shares fell slightly in early trades, on Monday, dragged down by miners as investors worried regarding a sharp economic slowdown in China due to… COVID-19 restrictions protracted, while rising US bond yields kept technology stocks under pressure.
The pan-European Stoxx 600 index was down 0.1% by 0711 GMT, hovering near its lowest level since mid-March reached on Friday.
Mining stocks fell 1.6%, leading to sectoral losses in morning trading, as Chinese iron ore futures fell more than 6% on concerns regarding demand in the world’s second largest economy.
Technology stocks fell 1% as US bond yields soared to new highs, on bets for faster interest rate hikes by the Federal Reserve to combat rising inflation.
Chip maker Infineon fell 2.2%, despite raising its full-year forecast as it benefits from a global shortage in semiconductors.
Shares of Dutch postal company PostNL fell 12.1%, following it cut its forecast for the year and reported a 75% drop in core earnings, warning that economic uncertainty, rising inflation and pressure on e-commerce volumes are making 2022 “more difficult than expected in Previous”.
