European stocks lower as markets look ahead to U.S. inflation data this week

European markets started the year with negative sentiment, as seen on Monday. The Stoxx 600 index was down 0.6% by 9:30 a.m. London time, with all sectors trading in negative territory. Oil and gas stocks were the biggest laggards, falling 2%, due to Saudi Arabia’s price cuts for customers in Asia. Mining stocks also fell, down 1.4%. The pan-European index ended the previous trading week 0.3% lower. This week, global investors will be focusing on U.S. inflation data and big bank earnings for further insights into the state of the economy and the path of rate cuts from the Federal Reserve. Meanwhile, Asian markets reversed early gains, with Hong Kong stocks leading losses in the region.