Europe open: Shares lower ahead of final Nov PMIs

European shares opened the week lower as investors awaited business activity data.

The pan-regional Stoxx 600 fell 0.2% at 0830 GMT on Monday, with little corporate news to drive shares. Final services Purchasing Managers' Index (PMI) numbers are due this morning.

“Asian markets were mostly positive on continuing hopes that the Chinese authorities would dial down their pandemic restrictions, in turn allowing the economy some room to breathe and attempt to recoup some of the economic damage which has been wrought by a zero-tolerance Covid-19 policy,” said Interactive Investor head of markets Richard Hunter.

“As more cities announced an easing of some curbs, the worsening state of the economy was further illustrated by a services PMI which came in at a contractionary 46.7, with the business activity and new business measures showing the weakest performance for six months.”

In European equity news, shares in Vodafone gained after the mobile telecoms group said chief executive Nick Read would step down at the end of this year and be replaced on an interim basis by finance chief Margherita Della Valle.

UK letter and parcel carrier International Distribution Services fell after retailer Currys on the weekend said it was moving deliveries to an alternative courier.