European shares hit two-month lows on Monday, led by miners as investors fretted over a sharp economic slowdown in China due to prolonged COVID-19 curbs, while surging bond yields kept technology stocks under pressure.
fell 2.8% as Chinese iron ore futures plunged more than 6% on concerns about demand in the world's second-largest economy after data showed April export growth slowed to single digits.dropped 2.1% to December 2020 lows as U.S. and European government bond yields surged to multi-year highs on bets for faster interest rate hikes aimed at taming a surge in inflation.
"Fears of a GDP slowdown, hawkish central banks plus increasing real yields and political uncertainty will linger short term, further pressuring PEs and triggering negative earnings revisions," Michele Morganti, senior equity strategist at Generali Investments said in a note.
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