European shares dip amid surging Covid-19 cases in China

The Iseq index advanced 0.2 per cent to 7,236.99, buoyed by CRH, which added 1.1 per cent to €38.43, as investors positioned themselves ahead of a trading update from the building materials giant on Tuesday morning.

The export-heavy FTSE 100 slipped 0.1 per cent as commodity stocks fell on concerns about Covid-19 curbs in top metals consumer China, although losses were limited as a weaker pound lifted shares of internationally-focused consumer firms. Drugmakers AstraZeneca and GSK rose 1.4 per cent and 2.1 per cent, respectively. Unilever, Diageo and British American Tobacco, with significant dollar revenues, gained between 1.1 per cent and 1.8 per cent as the pound fell.

Julius Baer rose 1.6 per cent as the Swiss bank said it was on track to reach its 2022 profitability targets even though “challenging market” conditions have shrunk its assets. US casino operators with businesses in China including Wynn Resorts, Las Vegas Sands, MGM Resorts International and Melco Resorts & Entertainment slipped.

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