Europe open: Stocks start week on the back foot

(Sharecast News) - Stocks across the Continent have started the last week of November mostly lower with market commentary citing weak data for industrial profits growth in China as the main factor. A small rise in U.S. Treasury yields and reports of a surge in pneumonia cases among children in China, reportedly due to a combination of pathogens, were also being cited as a drag on investor sentiment at the start of the session.

"US futures are down, along with their Asian peers on the back of a rebound in US yields, the nearly 8% slump in Chinese industrial profits in October and news that children in China are suffering from respiratory infections - which spurs speculation that it could be a new strain of Covid," said Ipek Ozkardeskaya at Swissquote Bank.

"Chinese authorities say that it's simply a mix of known respiratory diseases. But you know, once bitten, twice shy."

As of 0930 GMT, the pan-European Stoxx 600 was drifting lower by 0.21% to 459.04, alongside a 0.21% dip on the Gerrman Dax to 15,996.80.

Spain's Ibex 35 on the other hand was adding 0.21% to 9,960.70.

Yields on ten-year German Bunds were flat, the euro a tad higher against the Greenback and crude futures slightly lower.

Gold futures on the other hand were up by 0.63% to $2,015.50/oz. on COMEX.

Worth noting, the U.S. Treasury was scheduled to hold auctions for three-month, six-month, two-year and five-year debt on Monday, starting from 1630 GMT.

In focus for later in the week, on Wednesday, was key U.S. inflation data, the price deflators for personal consumption expenditures covering the month of October.