European stocks dipped on Monday, snapping a five-week winning streak, as a surprise U.S. credit rating downgrade and weak economic data from China weighed on investor sentiment.
The pan-European STOXX 600 index was down 0.5% by 0725 GMT, retreating from seven-week highs touched on Friday.
U.S. stock index futures fell more than 1% and longer-dated U.S. Treasury yields rose after credit rating agency Moody's cut its ratings on the country's debt, citing concerns about the nation's growing $36 trillion debt pile.
Euro zone government bond yields also edged higher. [GVD/EUR]
Meanwhile, luxury stocks declined after April retail sales data from China missed expectations. Hermes, Burberry (LON:BRBY) and Moncler each dropped about 2% as European luxury firms count on China as a big market for their products.
Shares of BNP Paribas (OTC:BNPQY) rose 2.4% after the French bank announced a share buyback plan worth 1.08 billion euros ($1.21 billion).
Source: Investing.com
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