Copper maker Aurubis leads European stocks lower as rate jitters persist

European shares fell on Monday, led by losses in Aurubis AG, the continent's largest copper producer, while fears that the global rate-hiking cycle may persist for longer kept investors on edge. The pan-European STOXX 600 was down 0.4% at 0815 GMT, after clocking two consecutive weeks of gains on optimism that the United States and the euro zone would likely avoid a recession.

European shares fell on Monday, led by losses in Aurubis AG, the continent's largest copper producer, while fears that the global rate-hiking cycle may persist for longer kept investors on edge.

The pan-European STOXX 600 was down 0.4% at 0815 GMT, after clocking two consecutive weeks of gains on optimism that the United States and the euro zone would likely avoid a recession. All the sector indices, barring telecommunications, were in the red. Basic resources and technology bore the brunt of selling pressure, dropping around 1% each.

Aurubis AG dropped 6.4% after posting a roughly 24% fall in quarterly earnings due to high energy prices and inflation. Eurazeo slipped 0.8% after the French private equity and investment company named a new executive board and said current chief executive, Virginie Morgon, would leave her role.

Meanwhile, Rovio Entertainment jumped 13% after the producer of the 'Angry Birds' video game said it had begun preliminary non-binding talks with parties, including Playtika Holding Corp , regarding a potential tender offer. Banco BPM, Italy's third-largest bank, gained nearly 1% on plans to generate greater value longer-term from its retailers' payment business as it explores strategic options for the unit.

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