The benchmark Stoxx Europe 600 Index was recently down 0.6% at 263.05. London's FTSE 100 Index fell 0.5% to 5870.09, Frankfurt's DAX also declined 0.5% to 6730.75 and Paris's CAC-40 slipped 1% to 3391.86.
Traders noted that Friday's surprisingly good U.S. employment report saw European equity markets continue their recent gains and head toward their highest levels since the middle of last year, providing investors with an excuse to pause for breath as this week kicks off.
Adding further pressure to confidence are the Greek debt and bailout negotiations, which have yet to be agreed upon. The focus has shifted from the private sector's involvement in negotiations toward the lack of political consensus and whether the interim coalition government will accept the conditions imposed by the "troika" of creditors—the European Union, the International Monetary Fund and the European Central Bank.
Goodbody Stockbrokers economist Dermot O'Leary warned that a failure to agree to the demands of the troika would mean a hard default may occur as soon as next month and likely put the future membership of the country in the euro zone at risk. "Harsher reductions in wages would also surely result, while the situation in its banking system would worsen further."
Greek talks should be the focus for the day and the market will probably wait for any hint at a possible euro-zone finance ministers meeting this week, said Crédit Agricole. "Data releases will be thin on the ground this week…the overall tone this week will be set by developments in Greece." The only economic data of note on Monday are German factory orders for December at 6 a.m. ET, with Crédit Agricole expecting a 1.5% rebound from the previous month. For the latest updates on the stock market, visit Stock Market Today
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