LIVE MARKETS-Defensives help STOXX limit the damage

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DEFENSIVES HELP STOXX LIMIT THE DAMAGE

European shares opened with only modest losses on Monday, as gains in insurance stocks and other defensive plays, from telecoms to food and beverage makers, cushioned steep declines in miners and weakness across chipmakers and oil majors.

The STOXX 600 .STOXX was down about 0.5%, while a gauge of euro zone equity volatility .V2TX popped higher but stayed below last month's peaks, pointing to limited spillover from the rout in precious metals.

Switzerland's SMI .SSMI, which is heavy in defensive names, eked out a 0.1% rise.

Here's your opening snapshot for the first trading day of February.

(Danilo Masoni)

EARLIER ON LIVE MARKETS:

BEFORE THE BELL: FUTURES FALL AS METAL ROUT HITS MINERS CLICK HERE

METALS GET A LOT LESS PRECIOUS AS POSITIONS SQUEEZED CLICK HERE