European stocks steadied Monday after the previous week's gains, taking a pause from a rally that has lifted markets to new highs.
The Stoxx Europe 600 was less than 0.1% lower mid-morning, having closed at a record on Friday. Data showing a slump in Chinese exports in March fanned concerns about growth in the world's second-largest economy, damping some of the recent enthusiasm, analysts said.
Germany's DAX index fell 0.2%, France's CAC 40 was 0.1% lower and the U.K.'s FTSE 100 was down 0.3%.
The mining sector, which is highly sensitive to Chinese demand, was the worst performer, with resources companies on the Stoxx 600 down 0.8%.
Still, the pan-European index as a whole remains more than 20% higher this year, as an improvement in the eurozone economy and the onset of the European Central Bank's bond-buying stimulus program--known as quantitative easing--drives a wave of cash into stock markets.
"The ECB's full-scale QE has been a rocket fuel for European stocks," said strategists at Rabobank.
The recent upturn in the eurozone economy is beginning to feed through to expectations for corporate profits, with European earnings forecasts seeing their first upgrade in four years in March, according to UBS equity strategist Nick Nelson.
"Whilst the net upgrades are minuscule, we still see this as an important milestone for European equities," he said.
In the U.S., stock futures indicated a 0.3% opening loss for the S&P 500. Changes in futures aren't necessarily reflected in market moves after the opening bell.
In currency markets, the euro fell further against the dollar following a sharp decline last week. The single currency was 0.3% lower at $1.0560.
The U.K. pound was also 0.3% lower against the buck at $1.4595.
In commodities markets, Brent crude oil was 2.2% higher at $60.23 a barrel. Gold was 0.2% lower at $1,201.80 an ounce.
Write to Tommy Stubbington at tommy.stubbington@wsj.com
(END) Dow Jones Newswires
April 13, 2015 04:58 ET (08:58 GMT)
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