London – European stocks began the new trading week slightly lower on Monday, amid a decline in global markets.

Pan European Stokes 600 It fell 0.1%, below the flatline in early trade, oil and gas stocks tumbled 1% to lead losses, while the technology sector rose 0.8%.

European markets are following a faint tone that has been set elsewhere overnight and last week. Shares in the Asia-Pacific region were trading mixed on Monday Investors in the region reacted to the latest Chinese growth data It shows that its GDP rose 2.3% last year. This compares with economists‘ expectations for a GDP expansion of just over 2%. However, other data showed that retail sales in the country were down 3.9% this year.

Meanwhile, US stocks fell on Friday To end a tough week as the markets weighed on President-elect Joe Biden $ 1.9 trillion stimulus planIn addition to the latest profits from some of the largest American banks. Markets in the US are closed on Mondays for holidays.

Biden’s proposal, called the US Bailout, includes increasing additional federal unemployment payments to $ 400 a week and extending them through September, direct payments to many Americans of $ 1,400, and extending the federal moratorium on evictions and foreclosures until September.

The plan also calls for $ 350 billion in aid to state and local governments, $ 70 billion for coronavirus screening and vaccination programs, and The federal minimum wage raised to $ 15 an hour.

In Europe, the coronavirus pandemic and vaccinations continue to grab headlines. The Netherlands has seen several thousand people To protest the lockdown measures on Sunday Before the riot police dispersed them. Meanwhile, the UK continues to lead the way when it comes to vaccine launches; On Monday, it expanded its program to deliver the first dose of the vaccine to anyone age 70 and over, and those considered clinically extremely vulnerable.

In corporate news, the $ 52 billion merger between Fiat Chrysler’s FCA and Peugeot owning PSA group was completed over the weekend, creating the fourth-largest automaker in the world by volume. The name of the new company Stellantis, will be chaired by former PSA CEO Carlos Tavares. Stellantis stock is up 2.8% in early trade on Monday.

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Fred Embert, Jesse Pound, and Justness Huang of CNBC contributed to this report.