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(Sharecast News) - European shares opened lower on Monday as investors eyed tech earnings and the midterm elections, while oil prices also fell on hope of diplomatic progress in the US war on Iran.
The pan-regional Stoxx 600 index was down 0.06% in early deals having been 0.36% lower at the opening bell.
Apple earnings will be in focus later in the day while the Trump administration is bracing itself for what could be a tough night on Tuesday as Americans go to the polls in elections for the House of Representatives and Senate, with Democrats tipped to take control of the former and polls too close to call in the upper chamber.
On the economics front, interest rate decisions are scheduled from Sweden, Norway and the UK.
Meanwhile, oil prices moved lower on Monday following reports that Donald Trump favours allowing diplomatic efforts with Iran to continue before considering any further military action after the elections.
According to Axios, citing sources familiar with the discussions, Trump told Benjamin Netanyahu he wanted to give negotiations with Tehran more time to progress before making any decision on renewed strikes.
The prospect of a diplomatic path helped ease concerns about potential disruptions to Middle East oil supplies, weighing on crude prices. Brent crude was down 2.6% in early trade at around $110 a barrel, unwinding some of the geopolitical risk premium built into the market in recent sessions.
In other economic news, German retail sales fell by more than expected in September, according to figures from the federal statistics office Destatis, underscoring the fragile state of consumer demand in Europe's largest economy.
Retail sales dropped 2.3% year-on-year, against expectations for a 1.1% decline, after a 0.4% fall in August. Analysts had expected a 0.4% increase for the month.
On the equities front, shares in Alstom tanked by at least a quarter after the French train maker cut forecasts.
Reporting by Frank Prenesti for Sharecast.com
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