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European Stock Opened Under Pressure

European stock markets opened sharply lower on Monday, led by banks and miners, with investors taking in the first round of French presidential elections, news of an early election in Holland and a further contraction in China manufacturing data.

The Stoxx Europe 600 index (XX:SXXP) -1.22% fell 1% to 255.17, led by a 1.4% drop for Total SA (FR:FP) -1.81% TOT +0.90% , a 1.8% fall for BASF SE (DE:BAS) +1.40% and a nearly 2% drop for Rio Tinto PLC (UK:RIO) -2.58% RIO +1.20%.

Spanish stocks were also under pressure as bond yields inched up. The IBEX 35 index (XX:IBEX) -2.72% fell 2% to 6,891.70, Market Watch reported.

The German DAX 30 index (DX:DAX) -1.79% fell 1.4% to 6,652.44, the French CAC 40 index (FR:PX1) -1.54% fell 1.4% to 3,143.49 and the FTSE 100 index (UK:UKX) -1.08% fell 0.8% to 5.723.28. Shares of Philips Electronics NV PHG +1.79% (NL:PHIA) +6.56% jumped nearly 6% after first-quarter results.

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