Europe: Stocks add to losses on growth worries

[BENGALURU] European stocks struggled on Monday after their worst weekly showing since February, held back by a growing number of risks including signs of inflation, elevated bond yields and China Evergrande's financial troubles.

The pan-European Stoxx 600 index slipped 0.2 per cent by 7.18am GMT, holding near a two-month low hit in last week's selloff.

Banks, automakers and luxury stocks were the top decliners on fears of a slowdown in global growth as the world's second largest economy deals with fresh Covid-19 restrictions, a property sector slowdown and regulatory clampdowns.

French luxury stocks Kering and LVMH, which draw a major portion of their revenue from China, fell 1.9 per cent and 1.5 per cent respectively.

Morrisons fell 3.8 per cent after US private equity firm Clayton, Dubilier & Rice (CD&R) won the auction for Britain's supermarket group with a £7 billion (S$12.9 billion) bid.

Rivals Tesco and Sainsbury inched up.

UK telecoms group BT Group and Nordea Bank were the top losers on Stoxx 600, down more than 6 per cent each.

REUTERS