The pan-European Stoxx 600 trading lower as all sectoral indices in the red zone.
The yield on the benchmark 10-year Treasury note fell 2 basis points to 1.275% and the yield on the 30-year Treasury bond dipped 2 basis points to 1.905%.
US futures are weaker after Friday saw the first down week on Wall Street in four. Dow Jones futures dropped by 0.95%, S&P 500 futures down 0.69% and Nasdaq futures slipped by 0.36%.
Meanwhile, as per media reports, OPEC and its allies reached a deal on Sunday to phase out 5.8 million barrels per day of oil production cuts by September 2022. Coordinated increases in oil supply from the group — collectively known as OPEC+ — will start in August, OPEC said in a statement.
Further, the media reports added, the rising cases and resulting tightening of lockdown restrictions weighed on markets as investor concern over the impact on economic growth intensified, despite earnings season has got off to a strong start.