Europe open: Crude oil futures, Deutsche Bank weigh on stocks

European stocks began the week on a mixed note as crude oil futures dropped back and a fall in Deutsche Bank stock weighed on Germany's Dax index and financials more broadly.

On Sunday, Germany's largest lender said it was looking to raise €8.0bn in fresh capital through a rights issue and to list its asset management arm as part of a broader overhaul.

As of 0815 GMT the benchmark Stoxx 600 was down by 0.45% to 373.56, while the Dax was off by 0.36% to 12,027.36, the Cac-40 left behind 0.39% to 4,975.92 and the FTSE Mibtel retreated 0.55% to 19,555.62.

Within the Stoxx 600, the worst performances were to be seen in: Energy (-0.73%), Financials (-0.49%) and Information Technology (-0.43%).

In parallel, front month Brent crude oil futures were sliding 0.99% to $55.35 a barrel on the ICE, while euro/dollar was trading at just about the unchanged mark, up by 0.03% to 1.0618.

Acting as a backdrop, also over the weekend Chinese premier Li Keqiang set a growth target for Asia's largest economy in 2017 of "around 6.5%, or higher if possible".

In his work report presented to the annual National People’s Congress, Keqiang cited a quicker pace of interest rate hikes and the potential for trade protectionism in the US among the risks his country's economy faced.

On a light day for economic data, traders were also waiting on the European Central Bank's policy meeting scheduled for 9 March, followed by the all-important monthly US jobs report the next day.

Attention is felt likely shift from the Fed to the ECB this week with it announcing its latest monetary policy decision on Thursday.

"With economic conditions improving in the eurozone – albeit as political risks increases – and headline inflation heading higher, the central bank could come under pressure soon to consider removing a little more accommodation and ease the pressure on its large balance sheet," said Craig Erlam, senior market analyst at Oanda.

"Policy makers have been keen to stress that a lot of the inflationary pressures that have driven headline CPI back towards target have been temporary, due to higher commodity prices and a weaker currency, in an attempt to ease any concern about near-term tightening. That said, while a near-term taper is unlikely, the central bank has already announced a reduction in its asset purchases and another at the end of the year now seems likely."

On the economic calendar for Monday, Sentix was set to publish its survey of euro area investor sentiment for March at 0930 GMT.

After having been indicated to start the session down by as much 9.9%, as of 0811 GMT shares in Deutsche Bank were roughly 5% lower on the heels of its new capital raising plans.

PSA Group agreed to purchase Opel from rival US car-marker General Motors for about €2.2bn, leapfrogging Renault to become the second-largest manufacturer in the region by sales.

Italy's largest retail lender, Intesa San Paolo, is to focus on organic growth, boss Carlo Messina told newspapers on Saturday.

Rome has begun to examine alternatives to a proposed listing of another 30% stake in Poste Italiane, according to Il Sole 24 Ore.