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European stocks edged lower on Monday as the initial optimism from strong U.S. jobs data faded, with rate-sensitive sectors like real estate and utilities feeling the impact of rising bond yields.
As of 0726 GMT, the pan-European STOXX 600 index had dipped 0.2%, with real estate and utilities sectors falling 1% and 0.5%, respectively.
Friday’s robust U.S. labor market data had briefly lifted markets by alleviating recession fears, but it also led to a reassessment of interest rate cut expectations. As a result, bond yields surged, with the German 10-year bond yield hitting a one-month high.
Individual Stock Highlights:
- Richemont gained 1.3% after the Cartier owner announced it would sell its Yoox Net-A-Porter online fashion and accessories business to German luxury fashion retailer Mytheresa.
- Heidelberg Materials surged 5.6% following reports that Adani Group is in talks to acquire its Indian cement operations, in a deal potentially valued at around $1.2 billion.
