European Markets Open In The Red Ahead of Bumper Week for Central Banks
European stocks opened lower Monday as investors prepared for a bumper week of interest rate decisions from the U.S Federal Reserve and the Bank of England.
The pan-European Stoxx 600 was down 0.21% in opening trade, with all major bourses and the vast majority of sectors in the red. Mining stocks shed 0.65%, while autos were 0.58% lower.
The regional benchmark closed higher on Friday and added 1.09% for the week as positive momentum returned to the market.
With a U.S. rate cut now all but guaranteed, investors are waiting to see by how much the Fed will cut rates on Wednesday, and what guidance chair Jerome Powell will give on the future path for monetary policy.
The Bank of England will also meet Thursday for its latest monetary policy decision, with markets currently split on whether or not it will move to cut rates for the second time in two months.
Markets in Asia were mixed Monday as investors digested key economic data from China and awaited the Bank of Japan's meeting on Friday. U.S. futures were seen little changed.
Back in Europe, earnings come Monday from Swedish clothing giant H&M, while inflation data is due out of Italy.
Source: CNBC
