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LONDON – European markets opened lower on Monday morning as global equities paused to catch their breath after a bumper month thanks to positive vaccine news.
The pan-European Stoxx 600 slipped 0.5% in early trade, with oil and gas stocks shedding 2.3% to lead losses as all sectors except healthcare slipped into negative territory.
European stocks are expected to experience a mixed Asia-Pacific shift, with mainland Chinese stocks leading gains after China’s National Bureau of Statistics on Monday announced that the official Manufacturing Purchasing Managers (PMI) Index for November was at 52.1, beating expectations.
In the US, stock futures plunged into trading overnight, with Wall Street still poised to close a record month of gains.
Back in Europe, talks between the UK and the EU are heading for a “very meaningful” week, UK Foreign Minister Dominic Raab said on Sunday as the two sides run out of time to iron out lingering disagreements over their post-Brexit trade relationship. .
Meanwhile, investors will have an eye on this week’s meeting of OPEC and its allies, led by Russia, with the group of major oil-producing countries set to decide whether to extend deep cuts in oil prices. production until 2021.
In business news, the Financial Times reported on Saturday that HSBC is considering exiting its US retail banking business in order to improve the performance of its North American business.
European Central Bank President Christine Lagarde is due to speak at 11:30 a.m. CET and preliminary inflation data is expected Monday in Spain, Italy and Germany.
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