(Reuters) – European stocks opened lower on Monday as investors prepared for a week packed with a raft of economic data from the region, while awaiting comments from ECB President Christine Lagarde.
The pan-European fell 0.1% to 527.47 points at 0710 GMT. The benchmark index was expected to gain for the third straight month, recording its longest winning streak in nearly seven months.
Profits in the oil sector kept losses under control. Oil prices rose on fears of an escalation of the conflict in the Middle East. [O/R]
Germany’s preliminary CPI figures for September will be released at 1200 GMT, while Italy’s will be released at 0900 GMT.
Britain’s GDP figures for the second quarter showed its economy grew more slowly than expected. It was flat.
European Central Bank President Lagarde will speak in the European Parliament at 13:00 GMT.
Volkswagen (ETR 🙂 fell 2% after the German automaker cut its 2024 guidance.
Stellantis NV (NYSE:) plunged 8% after the Franco-Italian automaker cut its annual guidance, citing a deterioration in global industry dynamics.
Auto stocks fell 2.2%, the biggest drop among sectors.
British multinational private equity and venture capital company 3i (LON:) The group fell 3.5% after Shadowfall Capital reportedly made a short bet on the company.