Europe: Shares dip on inflation worries, weak China data

[BENGALURU] 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 per cent by 7.07 am GMT after an upbeat start to the US 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 per cent each after Chinese President Xi Jinping's call to expand a consumption tax.

Dutch health tech firm Philips fell 2.3 per cent 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 and gas were among the few gainers as crude futures rose past US$85 a barrel and metal prices rallied.

British online retailer The Hut Group rose 9.5 per cent after saying it would remove its founder's "golden share" and seek a premium listing after its shares plummeted last week.

REUTERS