Europe open: Shares start week in cautious mood; Avast surges
European shares edged higher in cautious mood at the opening on Monday as new Covid lockdowns were enforced in Austria.
The pan-European Stoxx 600 index was up 0.06%, with miners dragged lower on weaker iron ore and metal prices. Glencore, Rio Tinto and Anglo American were all down as a result.
Investors will be eyeing retail sales figures in the US, China and UK this week as the third quarter earnings season begins to wind down.
"Quite apart from retail sales releases in China and the UK, US retail sales will be an important barometer given the importance of the consumer to the US economy," said interactive investor analyst Richard Hunter.
"A release last week suggested that consumer sentiment had dropped to a 10 year low, as the spectre of inflation dampened spirits. Job openings also remain high as the US grapples with containing not only the Delta variant but also encouraging a more widespread return to normality."
Elsewhere, Austria became the first European country to reinstate a fresh lockdown, placing millions of unvaccinated people under restrictions amid record-level infection rates.
In equity news, shares in Philips, which is recalling ventilators due to use of parts containing a potentially hazardous foam, slid 8.5% after the medical equipment maker announced it was in discussions with US regulators following a new inspection of one of its facilities.
Airbus jumped 2.6% after it won a multi-billion-dollar order for 255 single-aisle A321neo passenger jets from private-equity firm Indigo Partners’ portfolio airlines and a separate order by Wizz Air for 102 of the aircraft.
Avast shares surged after NortonLifeLock satisfied the US antitrust condition for its acquisition.