European stocks open lower as markets look ahead to U.S. inflation data this week

European markets opened lower on Monday, continuing the negative sentiment seen at the start of trading in 2024. The Stoxx 600 was down 0.1% in early deals, with the majority of sectors trading in negative territory. Oil and gas stocks were the biggest laggard, down 1.3%, after Saudi Arabia announced price cuts to customers in Asia. Meanwhile, media stocks rose 0.2%. The pan-European index ended the session 0.3% lower on Friday as stocks struggled to gain traction in the first trading week of 2024. Global investors will be looking ahead to U.S. inflation data and big bank earnings in the week ahead for further clues on the state of the economy and the path of rate cuts from the Federal Reserve. The December consumer price index is set for release Thursday, while the producer price index is due out on Friday. U.S. stock futures were little changed Sunday night after the major averages kicked off 2024 with a downcast week. Overnight, Asia-Pacific markets reversed early gains on Monday, with Hong Kong stocks leading losses in the region. British Oil major Shell said Monday that its fourth-quarter earnings took a hit from a $900 million charge, offset by significantly higher gas trading. However, it added that its overall production volumes are on track to meet targets. The company is set to release its fourth-quarter earnings on Feb. 1. Energy stocks may have had a tough 2023, but one trader sees opportunities to play the theme into the new year, naming sectors—and stocks—he likes. Citi predicts there’s strong growth ahead for memory chipmakers, driven by rising demand for artificial intelligence applications. The investment bank named nine stocks that would benefit from the trend. European markets are set to open in negative territory on Monday. Euro zone retail sales data for December will be released.