LONDON — European stocks started the week and the final trading session of September on Monday in negative territory.
The pan-European Euro Stoxx 600 slipped 0.12% in early deals with auto stocks the biggest laggards, down over 2%.
Milan-listed shares of Dodge-maker Stellantis shed 10% at 08:33 a.m. London time, after the automaker trimmed its 2024 annual guidance amid deteriorating "global industry dynamics" and bolstered competition from China.
The lackluster start for European markets comes after the pan-European Stoxx 600 index closed at a fresh record high on Friday, as stocks got a boost from China's announcement last week of a range of stimulus measures that aim to boost the economy.
Overnight in the Asia-Pacific region, stocks in mainland China spiked over 6% while Japan's Nikkei 225 tumbled 4.64%, as investors assessed key economic data from the two countries.
China's official purchasing managers' index reading came in at 49.8 for September, better than the 49.5 expected by economists polled by Reuters. However, the print marked a fifth straight month of contraction for the manufacturing sector in China.
Money Report
Separate data from Japan showed industrial production in the country dropped 4.9% year on year in August, exceeding the 0.4% fall of the previous month.
U.S. stock futures were flat on Sunday night, after major U.S. averages logged their third consecutive week of gains.
German inflation and retail sales data are due in Europe on Monday, along with the latest Italian inflation rate and final U.K. GDP data.
— CNBC's Lim Hui Jie contributed to this market report.
