The mining and technology sectors weigh down European stock markets

The mining and technology sectors weigh down European stock markets

European equity markets were lower in early trading on Monday, weighed down by miners as investors fret about a sharp economic slowdown in China due to prolonged COVID-19 restrictions, while rising of US bond yields kept tech groups under pressure.

The pan-European STOXX 600 index was down 0.1% by 0711 GMT, nearing its lowest level since mid-March hit on Friday.

Miners fell 1.6%, leading the sector’s losses in morning trading, as Chinese iron ore futures tumbled more than 6% on concerns about demand in the world’s second-largest economy.

Technology companies fell 1% as US bond yields rose to new highs on bets the Federal Reserve will speed up interest rate hikes to combat rising inflation. [US/]

Chipmaker Infineon fell 2.2% despite raising its full-year outlook as it benefits from a global shortage of semiconductors.

Dutch postal company PostNL slumped 12.1% after cutting its full-year forecast and announcing a 75% drop in core profit, warning that economic uncertainty, rising inflation and pressure on mail volumes e-commerce make 2022 “more difficult than anticipated”.

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