European equity markets were down in early trading on Monday, with tech stocks falling the most after concerns over tightening monetary policies triggered a sharp sell-off in global equities last week.
The pan-European STOXX 600 index was down 0.4% by 0814 GMT , and Asian stocks were also under pressure as investors braced for an update from the Federal Reserve this week.
Market participants were also concerned about a possible Russian attack on Ukraine as the US State Department withdrew relatives of its staff from the embassy in Kiev.
Tech stocks fell 1.2%, hitting new 14-week lows, after Wall Street growth stocks were hit by rate hike prospects last week.
There were bright spots among individual stocks, with Renault jumping 3.8% as the French carmaker, Japan’s Nissan Motor Co and Mitsubishi Motors Corp plan to triple their investment to jointly develop electric vehicles, sources told GLM.
Helping to limit losses in the UK’s FTSE 100, Unilever gained 4.6% on reports that Trian Partners, Nelson Peltz’s activist fund, has taken a stake in the consumer goods company.
Meanwhile, the telecoms sector got a boost as Vodafone rose 4% after GLM reported the company and Iliad were in talks to strike a deal in Italy that would combine their respective businesses.