European stocks open lower, and mining companies are the main losers

European shares opened lower on Tuesday, with miners leading the decline amid fears of slowing demand in China and investors being cautious ahead of the US midterm elections that will determine who will have control of Congress.

The Stoxx 600 index was down 0.4 percent by 0808 GMT. The European core resources index fell 0.8 percent, tracking the price of base metals, as hopes faded that China would ease its strict policy known as zero Covid.

Luxury goods giants, including LVMH and Hermes International, fell 0.9 percent and 1.3 percent, respectively.

Markets are currently awaiting the US midterm elections scheduled for Tuesday, as analysts expect a Republican victory, which would lead to disagreements between Congress and the administration. It may take several days for the final results to be announced.

Pandora’s shares jumped 7.5 percent to be the best performer on the Stoxx 600 index, after the Danish jewelry maker announced that its third-quarter sales came in slightly above expectations.