European stocks fail to track gains in Asia and the U.S. and take a breather from the recent rally and open lower on Monday amid renewed concerns over the situation in Greece. Markets were supported on Friday when Greek officials said that they are moving forward on a detailed reform-plan in order to meet the requirements for additional bailout funds. Investors will closely watch ECB president Mario Draghi's speech before the European Parliament where Greece will be in the focus. Today German Chancellor Angela Merkel will meet Greek Prime Minister Alexis Tsirpas for the second time to discuss the matter of the Greek bailout.

The FTSE 100 index is currently trading -0.32% quoted at 7,000.11 points with the mining sector broadly lower. Germany's DAX 30 is trading lower at 11,930.80 points -0.90%. France's CAC 40 is currently trading at 5,061.91 points, -0.51%.