(Reuters.) European shares closed lower Monday due to surging commodity prices and fears of a burgeoning crisis in energy. Worries about slowing growth were also heightened by weak data coming from China.

After a positive start to the U.S. quarterly earnings season, the pan-European dropped 0.4% at 0707 GMT. This was the benchmark’s strongest week since Friday March.

Asian stocks fell as a result of data showing that China’s economy experienced the slowest rate growth for a full year in its third quarter. The reason was power scarcity, supply chain bottlenecks, major market wobbles and power outages.

Luxury stocks, including LVMH, that are China-exposed include LVMH Kering After Chinese President Xi Jinping called for an increase in a consumption tax, the (PA:), fell by about 2%.

Philips (a Dutch technology company) fell 2.3% in the third quarter after it was hit by a huge recall of respirators and a lack of electronic components.

European miners and oil & gas were among the few gainers as crude futures rose past $85 a barrel and metal prices rallied. [O/R] [MET/L] [IRONORE/]

The Hut Group, a British online retailer, rose 9.5% following its announcement that it would take its founder’s “golden shares” and pursue a premium listing. Its shares plunged last week.