European shares edged lower at the open on Monday, with China’s rate-cut effect fading slightly in Europe after markets rallied to two-month highs last week on signs of more central bank support.
The pan-European FTSEurofirst 300 index was down 0.6 percent, while the euro zone’s blue-chip Euro STOXX 50 index fell by 0.5 percent.
Technology group Philips fell 2 percent, in spite of better than expected results, after saying the sale of its $3.3 billion Lumileds division was in doubt due to unexpected opposition from the U.S. government.
