European shares slip on growth concerns

European shares fell Monday, July 25, as investors assessed a raft of corporate earnings amid growth concerns, with focus on the US Federal Council meeting later this week.

The pan-European Stoxx 600 index fell 0.2% by 07:11 GMT, amid widespread losses led by oil producers, as crude prices fell.

Dutch medical equipment company Philips fell 9.8% after reporting a worse-than-expected decline in core earnings for the second quarter, citing supply shortages and shutdowns in China.

After last week’s survey showed the euro zone’s purchasing managers’ index fell unexpectedly in July, a separate survey showed that a number of industrial companies in Germany, Europe’s largest economy, are cutting production in response to higher energy prices.

Investors are now awaiting the July business sentiment data for Germany to be released by the Ifo Institute on Monday. It is expected to decline further to 90.2 from 92.3 in June.