European stocks traded lower Monday morning amid a dampening of optimism over U.S.-China trade, after U.S. President Donald Trump denied that he had agreed to roll back tariffs on Chinese goods.

The pan-European Stoxx 600 was down around 0.2% at 404.49 in early trade, with banks and basic resources shedding 1.2% and 1.5% respectively as most sectors and major bourses slid into the red. Healthcare stocks bucked the trend to gain 0.6%.

Hopes of trade progress rose on Thursday when China’s Commerce Ministry said Beijing and Washington had agreed to lift existing tariffs on one another’s goods, but Trump on Friday said he had not agreed to any rollbacks.

Source : CNBC