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European stocks retreated from three-month highs on Monday, led by declines in energy, retail and mining stocks after widespread protests in China over strict anti-COVID-19 restrictions triggered a sell-off in global markets.
The STOXX 600 index of European shares fell 0.5 percent by 0802 GMT, after sharp declines in Asian stocks.
China reported another record high in the number of COVID-19 infections on Monday after protests at the weekend, raising concerns about the feasibility of China’s “zero corona” policy and its impact on the world’s second-largest economy.
Shares of European oil companies fell 2.0 percent, as Brent and US crude prices fell nearly 3 percent, while the decline in metal prices affected shares of mining companies, which fell 1.1 percent.
Other European sectors exposed to China, including automakers, also fell in early trade.
Credit Suisse shares fell 0.3 percent to a new record low. “Some clients withdrew some of their money, but very few of them actually closed their accounts,” the head of its Swiss unit told a local newspaper on Sunday.
Shares in the distribution of Chemicals Printingag fell 7.6 percent after the German chemical distribution company said it had held preliminary discussions about a possible takeover with its American rival Univar Solutions.
