European Shares Subdued In Lackluster Trade

European stocks were subdued on Monday as HSBC warned of a challenging outlook and investors awaited the EU decision on a Brexit extension as well as a Commons vote on a general election.

The European Union is set to grant the U.K. a delay to Brexit until Jan. 31, removing the risk of a damaging no-deal split on Thursday.

On the trade front, U.S. and Chinese officials said they are "close to finalizing" some parts of a 'phase one' trade deal after high-level telephone discussions on Friday.

U.S. President Donald Trump said he hopes to sign the deal with China's President Xi Jinping next month at a summit in Chile.

The pan European Stoxx 600 was down 0.1 percent at 397.56 after rising 0.2 percent on Friday. The German DAX was little changed, France's CAC 40 index was declining 0.1 percent and the U.K.'s FTSE 100 was down 0.3 percent.

The dollar traded near its highest in more than two months versus the yen ahead of this week's Federal Reserve meeting, with investors expecting a 25 bps rate cut.

Asia-focused lender HSBC Holdings tumbled 3.8 percent. After posting a drop in third quarter earnings, the bank has warned it would have to undertake costly restructuring amid a slowing global business environment.

Mining giant BHP rose over 1 percent as Samarco, a joint venture between BHP Group and Vale SA, received the Corrective Operation License for the Germano complex in Minas Gerais on Friday.

Cairn Energy slumped 13.6 percent after it issued an update on its proceedings against India under the U.K.-India Bilateral Investment Treaty.

Covestro shares declined half a percent. The German polymer company narrowed its FY19 outlook range after reporting a weaker-than-expected third-quarter net income.

French luxury products maker LVMH Moet Hennessy Louis Vuitton edged up slightly on reports that it has offered to buy U.S jeweler Tiffany & Co. for about $14.5 billion in a deal.

Dutch consumer electronics giant Philips declined 1.6 percent after its third-quarter net profit fell 29 percent.

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