Investing.com - European stocks opened lower on Monday, as oil prices began once again to decline and as investors eyed an announcement by the Federal Reserve due later in the day.
During European morning trade, the EURO STOXX 50 declined 0.54%, France’s CAC 40 retreated 0.62%, while Germany’s DAX 30 dropped 0.73%.
Oil prices turned lower on Monday, after hitting two-week highs overnight, which weighed broadly on energy stocks.
French oil and gas major Total SA (PA:TOTF) tumbled 0.97% and Italy’s ENI (MI:ENI) SpA lost 1.79%, while Norwegian rival Statoil ASA plummeted 1.71%.
Financial stocks were also on the downside, as French lenders BNP Paribas (PA:BNPP) and Societe Generale (PA:SOGN) declined 0.69% and 0.62%, while Germany’s Deutsche Bank (DE:DBKGn) and Commerzbank (DE:CBKG) retreated 0.56% and 1.05%.
Peripheral lenders were mixed, with Intesa Sanpaolo (MI:ISP) sliding 0.61% and Unicredit (MI:CRDI) edging up 0.13% in Italy, while Banco Santander (MC:SAN) fell 0.30% and BBVA (MC:BBVA) added 0.22% in Spain.
Elsewhere, shares in Volkswagen (DE:VOWG_p) dropped 0.67% following reports Chief Executive Matthias Mueller plans to push for a significant reduction in bonuses for the automaker’s management board on Monday.
In London, FTSE 100 slid 0.54%, weighed by Next plc (LON:NXT), whose shares plummeted 1.63% after analysts at Exane BNP Paribas reiterated the stock’s ‘underperform’ rating.
Meanwhile, financial stocks were mixed, as Lloyds Banking (LON:LLOY) eased 0.09% and the Royal Bank of Scotland (LON:RBS) fell 0.24%, while HSBC Holdings (LON:HSBA) and Barclays (LON:BARC) added 0.19% and 0.27% respectively.
In the mining sector, stocks were broadly higher. Shares in Anglo American (LON:AAL) gained 0.40% and Randgold Resources (LON:RRS) climbed 0.90%, while Rio Tinto (LON:RIO) jumped 0.91% and Glencore (LON:GLEN) rallied 1.41%.
In the U.S., equity markets pointed to a lower open. The Dow Jones Industrial Average futures pointed to a 0.30% fall, S&P 500 futures a 0.28% slip, while the Nasdaq 100 futures indicated a 0.34% decline.