Investing.com - European stocks opened mostly lower on Monday, as declining oil prices continued to weigh on equities and as investors eyed the release of euro zone unemployment data later in the day.
During European morning trade, the EURO STOXX 50 slipped 0.21%, France’s CAC 40 dropped 0.48%, while Germany’s DAX 30 fell 0.21%.
Earlier Monday, data showed that the number of unemployed people in Spain declined by 58,200 in March, compared to expectations for a rise of 21,300 and after an increase of 2,200 the previous month.
Oil prices continued to move lower on Monday, as global supply glut concerns persisted.
Energy stocks were broadly lower, as French oil and gas major Total SA (PA:TOTF) slid 0.63% and Italy’s ENI (MI:ENI) SpA declined 0.63%, while Norwegian rival Statoil ASA (OL:STL) lost 0.32%.
Financial stocks were also on the downside, as French lenders Societe Generale (PA:SOGN) and BNP Paribas (PA:BNPP) tumbled 1.13% and 0.83%, while Germany’s Commerzbank (DE:CBKG) and Deutsche Bank (DE:DBKGn) retreated 0.51% and 0.64%.
Societe Generale earlier announced plans to cut 128 jobs in its global-banking and investor-solutions division as part of a cost-cutting plan announced last year.
Among peripheral lenders, Italy’s Intesa Sanpaolo (MI:ISP) and Unicredit (MI:CRDI) lost 1.08% and 1.10% respectively, while Spanish bank BBVA (MC:BBVA) edged down 0.10%.
Elsewhere, Bouygues (PA:BOUY) shares dove 15.74% after the French operator announced on Friday that it had decided not to sell its telecoms business to the former state monopoly.
In London, conmodity-heavy FTSE 100 inched up 0.05%, helped by gains in the mining sector.
Shares in Bhp Billiton (LON:BLT) rose 0.28% and Randgold Resources (LON:RRS) gained 0.40%, while Glencore (LON:GLEN) advanced 0.60% and Rio Tinto (LON:RIO) surged 2.01%.
Financial stocks added to gains, Lloyds Banking (LON:LLOY) and Barclays (LON:BARC) eased up 0.01% and 0.07% respectively, while HSBC Holdings (LON:HSBA) edged 0.17% lower and the Royal Bank of Scotland (LON:RBS) slid 0.37%.
Meanwhile, Vodafone (LON:VOD) shares were down 0.53%. Over the weekend, the company announced a partnership with Philips Lighting, a subsidiary of Royal Philips, to enhance the group’s LED street light management system.
The mobile carrier will provide an Internet of Things (IoT) network inside every street light, which will provide engineers and managers with key information on the street light and allow them to monitor, manage, and identify faults in the grid or a single street light.
In the U.S., equity markets pointed to a steady open. The Dow Jones Industrial Average futures pointed to a 0.05% dip, S&P 500 futures a 0.01% downtick, while the Nasdaq 100 futures indicated a 0.01% slip.