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European markets close slightly lower; oil and gas stocks choppy

Jenni Reid
Holly Ellyatt

This is CNBC's live blog covering European markets.

European markets closed lower at the start of the new trading week, days after the region's Stoxx 600 index reached its highest level since Sept. 20.

The Stoxx provisionally closed down 0.3%, as sector moves remained relatively muted.

Oil and gas stocks recovered from earlier losses to trade flat, even as oil futures traded lower ahead of the delayed OPEC meeting now set to be held virtually Thursday. Travel stocks were down 0.8% while utilities climbed 0.7%.

European markets


Asia-Pacific markets started the week largely lower, with Chinese markets dragged by property stocks and Japan's service inflation surging to a 45-month high.

U.S. stocks were flat as Wall Street looks to build on four straight positive weeks for the equity market. Wall Street is coming off the fourth-straight winning week for all three major averages, as stocks have rallied since the 10-year Treasury yield retreated from the 5% mark it briefly topped in late October.

U.S. stocks open in the red

U.S. stocks opened lower on Monday.

The Dow Jones Industrial Average dipped 18 points, or less than 0.1%. The S&P 500 and Nasdaq Composite lost about 0.2%.

— Pia Singh

JLS Consulting discusses the outlook for airlines

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John Strickland, director at JLS Consulting, also weighs in on supply chain concerns.

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Alex Morris, president and CIO of FM Investments, discusses the factors that "will start to tighten some purse strings."

German auto group Schaeffler increases Vitesco bid

German auto group Schaeffler said on Monday it would increase its offer price for shares in Vitesco Technologies to 94 euros ($102.94), up from the 91 euros noted in the original takeover bid that was launched earlier this year.

Schaeffler said Monday that the higher offer price underscored its "confidence in the expected synergies and value creation potential of the business combination with Vitesco."

The higher offer price was however described as "inadequate" by Vitesco's management and supervisory boards, according to a statement released Monday.

The companies also said that they had signed an agreement to merge their businesses on Monday, adding that Vitesco's expertise would be primarily used in an e-mobility focused division of the joint business.

A merger would still need to be approved at Vitesco's general meeting next year. Schaeffler currently owns 49.9% of Vitesco, however some minority shareholders have been critical of the deal.

"Given the current status of Schaeffler's stake in Vitesco Technologies, it is possible that the 75% quorum that is needed to approve the merger can be achieved," a Vitesco spokesperson told CNBC on Monday.

— Sophie Kiderlin

‘No evidence’ that Fed rate cuts are needed: Embark Group CIO

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Peter Toogood, CIO of Embark Group, discusses the outlook for the U.S. economy, including interest rates, and markets.

Europe stocks start week slightly lower

European markets dipped at the start of the new trading week, though sector movements remained subdued.

Oil and gas stocks fell 0.8% as retail nudged 0.3% higher.

The Stoxx 600 index was 0.1% lower at 9:05 a.m. London time. The pan-European benchmark has climbed steadily through November and is on track for a monthly gain of more than 6%, according to LSEG data, its best month since January.

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Stoxx 600 index.

— Jenni Reid

CNBC Pro: Fund manager reveals the one energy stock to buy right now

Brian Arcese, portfolio manager at investment firm Foord Asset Management has named the one energy stock investors should own right now.

Arcese, who manages the absolute return Foord International Fund, singled out the oil and gas giant over its strong cash flows and balance sheet.

Analysts have also forecast a "stable" 11% distribution yield for the stock next year, which includes share buy-backs.

CNBC Pro subscribers can read more about his stock ideas here.

— Ganesh Rao

CNBC Pro: Portfolio manager explains why he has the ‘most conviction’ in this China tech stock

Chinese tech players like Baidu, Alibaba and Tencent have largely been viewed favorably been investors, even as the Asian powerhouse has been having slower growth.

One tech giant, however, stands out to portfolio manager Brian Arcese.

CNBC Pro subscribers can read more here.

— Amala Balakrishner

European markets: Here are the opening calls

European markets are expected to open lower Tuesday.

The U.K.'s FTSE 100 index is expected to open 43 points lower at 8,381, Germany's DAX down 60 points at 18,708, France's CAC 33 points lower at 8,139 and Italy's FTSE MIB down 140 points at 34,788, according to data from IG.

Earnings come from Kingfisher, Smiths Group, Fresnillo and Generali. Euro zone trade balance and construction data for March are due.

— Holly Ellyatt