European stocks saw a slight drop on Monday, influenced by declining prices in commodities, particularly within the mining and energy sectors. This decline comes after the index experienced substantial gains last week due to strong expectations of interest rate cuts. The Stoxx 600 index fell by 0.1%, having reached a four-month high in early trading and recorded its third consecutive week of gains on Friday.
Mining stocks dropped by 2.4% as copper prices were affected by a stronger dollar, while energy stocks decreased by 1.6% following a fall in oil prices amid pressures from the OPEC+ decision to cut supplies and uncertainties surrounding global fuel demand.
Investors are awaiting important data releases this week, including the Eurozone Purchasing Managers' Index, producer prices, retail sales, and GDP figures, to assess inflation and economic forecasts.
Nokia's stock plummeted by 6.5% after an analyst noted market speculation that AT&T might remove the Finnish company from its vendor list. In contrast, stocks for Rolls-Royce and Proximus surged by 3.1% and 1.0%, respectively, after JPMorgan upgraded their ratings.
Additionally, ASML Holding NV's shares fell by 6.4%, hitting the bottom of the index, which contributed to a 0.8% decline in technology sector stocks.
