European markets start the new trading week on a flat note

European stocks were flat on Monday, lacking clear direction at the start of the new trading week.

The pan-European Stoxx 600 hovered fractionally above the flatline in early trade, with retail stocks shedding 0.8% while oil and gas stocks added 0.7%.

The lackluster open follows a mixed trading session in Asia-Pacific overnight where investors were reacting to China’s trade data released over the weekend.

Official data released over the weekend showed China’s exports surging 27.1% in October compared to a year ago. That was higher than the 24.5% growth forecast by analysts in a Reuters poll.

Meanwhile, U.S. stock futures idled in overnight trading after the major U.S. market indexes reached record highs on Friday following a better-than-expected October jobs report — U.S. payrolls added 531,000 jobs last month, according to the Labor Department. Friday’s report also revised up September and August payroll numbers.

This week, investors are looking ahead to fresh inflation readings in the U.S. The producer price index and consumer price index are slated for release on Tuesday and Wednesday, respectively. Economists expect both inflation numbers to run hot for October.

Earnings before the bell came from Henkel and Covestro, the former sliding more than 5% to the bottom of the Stoxx 600 in early trade after lowering its guidance.

Siemens Gamesa was the biggest climber on the European blue chip index in early trade, adding 5.7% after its full-year results.

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