European stocks decline ahead of important economic data

European stocks opened lower at the start of the week after heavy selling in Asian markets, while cautious traders remained in a state of anticipation ahead of the release of inflation data in the United States this week.

According to Reuters, the European Stoxx 600 index fell 0.4% by 0817 GMT on Monday. It is expected to head towards the largest daily percentage loss within a month if the decline continues.

Investors are awaiting the release of inflation data in the United States for February on Tuesday, in addition to industrial production data for January in the euro zone, scheduled for release later this week.

Asian stock markets faltered, while the dollar’s performance appeared lackluster before the release of inflation data in the United States, which may accelerate or delay global interest rate cuts.

BE Semiconductor Industries shares fell 11.7% after Morgan Stanley reduced the target price for the Dutch group’s shares. The broader technology index fell 2.1%, recording the largest decline among sectors.

LEG Immobilian shares rose about three percent to the top of the European 600 index after the German real estate company announced better-than-expected results for the full year and said it would propose higher-than-expected dividends.

The Portuguese index fell 0.3% after the centre-right Democratic Alliance won the country’s general elections, although the alliance’s ability to govern without the support of the far-right Shiga party is unclear.