European Shares Seen Tad Lower On China Growth Concerns

European stocks are seen opening lower on Monday as Beijing reaffirmed its zero-COVID-policy and the country’s trade data fell short of expectations, raising concerns about slowing economic growth.

Chinese health authorities have said the country will continue to follow the flagship “zero-COVID” policy despite growing backlash over stringent coronavirus measures.

Apple said that customers will now experience longer wait times to receive their new products after officials locked down a district home to Foxconn’s iPhone factory – the world’s largest – on 2 November for seven days.

Chinese exports and imports both unexpectedly contracted in October, the first simultaneous slump since May 2020, as a result of higher interest rates globally and new COVID-19 curbs at home, official data showed.

The dollar gathered strength amid uncertainties surrounding the Fed rate hike moves and the U.S. mid-term elections.

Gold slipped from a three-week high scaled in the previous session, as focus shifted to the U.S. inflation data due later in the week that could shed light on the Fed’s rate-hike move in the upcoming December meet.

Oil prices fell more than 1 percent in Asian trade after settling up by more than 5 percent on Friday.

Asian markets traded mostly higher while U.S. stock futures declined ahead of speeches by several Fed officials due this week.

U.S. stocks saw much volatility before eventually ending sharply higher on Friday, as October’s jobs report showing strong jobs growth and an uptick in unemployment rate left analysts divided.

Meanwhile, comments from four Fed officials sounded less hawkish than Chair Jerome Powell.

The Dow, the S&P 500 and the tech-heavy Nasdaq Composite rose between 1.3 percent and 1.4 percent after closing lower for four straight sessions.

European stocks rallied on Friday after reports emerged that China would relax its COVID-19 restrictions.

The pan European STOXX 600 jumped 1.8 percent. The German DAX climbed 2.5 percent, France’s CAC 40 index surged 2.8 percent and the U.K.’s FTSE 100 added 2 percent.

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