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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