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(Sharecast News) - European shares opened slightly lower on Monday as China fell further into deflationary territory and producer prices in the world's second-biggest economy recorded their deepest contraction in almost two years.
The pan-regional Stoxx 600 index was down 0.06% in early deals with major bourses lower. Germany's DAX declined 0.3% and Britain's FTSE 100 was flat. Eyes were also on a meeting in London between US Treasury Secretary Scott Bessent and Chinese officials aimed at resolving the trade war between the two nations.
China's CPI index fell by 0.1% in May on an annualised basis and has now been in negative territory since February, when it fell 0.7% year-on-year, follows by 0.1% declines in March and April.
Meanwhile, the country's producer price index fell 3.3% in May year on year and compared with a 2.7% decline in April, according to data from the National Bureau of Statistics.
In equity news, Alphawave shares surged by more than 20% after US chipmaker Qualcomm agreed to acquire the semiconductor company for about $2.4bn.
Reporting by Frank Prenesti for Sharecast.com
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