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    European shares slip as COVID surge in China weighs

    Synopsis

    After a brief jump this week, global markets are nervous about Beijing's move to further relax COVID curbs as surging infections in China dimmed hopes of a swift recovery in the world's second-largest economy.China-exposed luxury firms such as LVMH and Richemont weighed on the European index in early trading.Energy stocks fell 0.6%, while miners dipped 0.3%, tracking weakness in commodity prices.

    European shares slip as COVID surge in China weighsReuters

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    European shares slipped on Thursday in thin holiday trading, as the market neared the end of a rough year where it struggled with geopolitical tensions and growing fears of an economic slowdown due to aggressive rate hikes by central banks.

    The region-wide STOXX 600 fell 0.4%. For the year so far, it is down 12.8%.

    After a brief jump this week, global markets are nervous about Beijing's move to further relax COVID curbs as surging infections in China dimmed hopes of a swift recovery in the world's second-largest economy.

    China-exposed luxury firms such as LVMH and Richemont weighed on the European index in early trading.

    Energy stocks fell 0.6%, while miners dipped 0.3%, tracking weakness in commodity prices.

    Consumer staples such as Nestle and L'Oreal SA fell 1.2% and 0.5%, respectively.

    Novartis AG slipped 0.5% after the Swiss drugmaker said it will pay $245 million to resolve civil litigation accusing the company of trying to delay the launch in the U.S of generic versions of the Exforge blood pressure treatment.



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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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