European stocks closed lower on Monday amid cautious trade in global markets.
The pan-European Stoxx 600 finished the session down by over 0.4%, with tech stocks shedding 1.9% to lead losses, while the travel and leisure sector bucked the downward trend to surge 4.3%.
The lackluster session follows a trend set in other regions; U.S. stocks fell on Monday as a continuous rise in bond yields dented the appetite for risk assets, particularly technology stocks.
Some equity investors have grown concerned about rapidly rising bond yields in recent weeks as they could hurt high-growth companies reliant on easy borrowing, and diminish the relative appeal of stocks. Rising bond yields reflect market confidence that an economic recovery is near, following the coronavirus pandemic.
Reference: CNBC
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