Europe open: Shares open lower on weaker Asian markets

European shares retreated from record highs in the opening session of the week on the back of weaker Asian markets.

The pan-European STOXX 600 index had slipped 0.26% by 0740 GMT. The UK’s FTSE 100 was off 0.5% despite non-essential shops such as hairdressers and gyms reopening for the first time since a national lockdown was imposed in January.

Britain’s blue-chip index was hit by falling commodity stocks, with a 0.9% decline in the Brent crude oil price and a 1.4% slide in copper. The export-heavy FTSE was also hit by a stronger pound, which rose against the dollar and euro.

Investors were also keeping their powder dry ahead of the next corporate earnings season.

In equity news, shares in budget airlines easyJet and Ryanair fell after HSBC downgraded their stocks to ‘hold’ from ‘buy’.

Italian diagnostics group DiaSorin jumped 7% after it said it will acquire US based Luminex Corp for $1.8bn in an all-cash deal.