© Reuters. FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, December 1, 2022. REUTERS/Staff/File Photo
(Reuters) – European shares slipped on Monday in cautious trading ahead of data on business activity amid concerns over an economic downturn in the bloc.
China relaxing COVID-19 curbs following protests against the country’s strict “zero-COVID” policy as well as easing worries about interest rate hikes had helped shares log gains for a seventh straight week on Friday.
The region-wide was down 0.2% at 8:06 a.m. GMT on Monday, with technology and industrial stocks the biggest drags on the index.
Final services Purchasing Managers’ Index (PMI) numbers expected at 9 a.m. GMT are likely to show economic activity in the euro zone continued to slow in November.
Meanwhile, Britain’s Vodafone Group (LON:) said Chief Executive Nick Read would step down at the end of this year and be replaced on an interim basis by finance chief Margherita Della Valle. Shares of the mobile operator were up 1.6% in early trade.
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