European markets slightly in the red as investors brace for data heavy week ahead

European equities opened the week mostly in the red, with both the STOXX 50 and STOXX 600 experiencing slight declines after reaching recent highs.

Traders could closely monitor upcoming economic indicators such as the U.S. PCE inflation, Euro Area preliminary inflation figures, and China PMIs to gauge global economic health.

Moreover, the market is awaiting remarks from Federal Reserve policymakers for insights into upcoming monetary policy decisions.

With the U.S. PCE Price Index YoY expected to decline from 2.6% to 2.4%, and the Euro Area Inflation Rate YoY from 2.8% to 2.5%, European stock markets could find support if actual data follows expectations.

In Germany, the DAX index remained relatively stable with a low trading volume.

Top performers included Rheinmetall, benefiting from a contract win to supply Austria with air defense systems, and SAP which also saw its share prices surge after announcing a buyback program valued at up to €1.25 billion.