European stocks closed lower on Monday as weak Chinese export data highlighted the detrimental impact of its prolonged trade war with the U.S.
European markets
The pan-European Stoxx 600 ended the session 0.2% lower, with oil and gas stocks falling 1% to lead losses while the retail sector added 0.5%.
Chinese exports declined in November for the fourth consecutive month, falling 1.1% year-on-year compared to the 1% expansion anticipated by analysts in a Reuters poll.
Beijing's trade discussions with Washington have yet to yield a much-touted "phase one" agreement ahead of a key deadline for additional tariffs on Chinese exports to the U.S. on December 15.
Stocks on Wall Street traded in negative territory on Monday following three consecutive days of gains.
This promises to be a pivotal week with U.K. voters heading to the polls on Thursday. Prime Minister Boris Johnson over the weekend pledged to reduce immigration in a "transformative" Brexit, in a last appeal to the electorate as his lead in the polls over the main opposition Labour party has narrowed of late.
Meanwhile, French Finance Minister Bruno Le Maire has said France is ready to take threats from U.S. President Donald Trump to impose tariffs on French goods to the World Trade Organization (WTO), amid a row over French taxes on American internet giants.
German import and export data for October, published before the bell, offered a welcome surprise to rise by 1.2% despite global trade tensions.
Stocks on the move
Osram Licht shares jumped 15% after chipmaker AMS announced that its takeover bid for the German lighting manufacturer had been successful. AMS shares slid 4.7% on the news.
Another significant gainer was Carl Zeiss Meditec, which climbed more than 10% after Deutsche Bank upgraded the German company's stock to "buy" from "hold" and increased its price target.
Shares of British supermarket chain Tesco jumped 4.6% after reports emerged that the firm was considering selling its Asian businesses in Thailand and Malaysia.
Shares of Tullow Oil plummeted more than 71% after the British oil giant's CEO Paul McDade resigned with immediate effect and the company scrapped its dividend amid continuing difficulties in its Ghana operation.