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European shares fell on Monday as investors parsed through a slew of earnings amid growth worries, with focus on a US Federal Reserve policy meeting later this week.

The pan-European STOXX 600 index fell 0.2% by 0711 GMT, with broad-based losses led by oil producers as crude prices fell.

Dutch medical equipment maker Philips tumbled 9.8% after reporting a worse-than-expected drop in second-quarter core earnings, citing supply shortages and lockdowns in China.

After a survey last week showed euro zone PMIs unexpectedly shrank in July, a separate survey showed a number of industrial companies in Germany, Europe’s largest economy, are cutting production in reaction to soaring energy prices.

Investors now await German business morale data for July from the Ifo institute on Monday.

European shares log best week in two months despite volatility

It is expected to have fallen further to 90.2 from 92.3 in June.

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