European shares open lower as miners lead decline

European shares inched lower at the open on Tuesday as miners led the declines on concerns of slowing demand from China, with investors also being cautious ahead of U.S. midterm elections that will determine control of Congress. The STOXX 600 index slid 0.4% by 0808 GMT.

European shares inched lower at the open on Tuesday as miners led the declines on concerns of slowing demand from China, with investors also being cautious ahead of U.S. midterm elections that will determine control of Congress.

The STOXX 600 index slid 0.4% by 0808 GMT. The European basic resources index shed 0.8%, tracking falls in prices of base metals amid fading hopes of China easing its strict zero-COVID policy. Luxury giants, including LVMH and Hermes International, which have a major exposure to China, also fell 0.9% and 1.3%, respectively.

Markets now eye the U.S. midterm elections later in the day, with analysts expecting a Republican victory and consequently would lead to a potential split government. A conclusive result could take days. Pandora jumped 7.5%, to the top of the STOXX 600 as the Danish jewellery maker reported third-quarter sales just above expectations.

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