European stocks closed lower on Monday as weak Chinese export data highlighted the detrimental impact of its prolonged trade war with the U.S.

The pan-European Stoxx 600 ended the session 0.24% lower to 406.38, with oil and gas stocks falling 1% to lead losses while the retail sector added 0.5%.

Chinese exports declined in November for the fourth consecutive month, falling 1.1% year-on-year compared to the 1% expansion anticipated by analysts in a Reuters poll.

Shares of British supermarket chain Tesco jumped 4.6% after reports emerged that the firm was considering selling its Asian businesses in Thailand and Malaysia.

Shares of Tullow Oil plummeted more than 71% after the British oil giant’s CEO Paul McDade resigned with immediate effect and the company scrapped its dividend amid continuing difficulties in its Ghana operation.

Source: CNBC