European stocks eased from alltime highs on Monday as investors held off from making big bets ahead of the earnings season, while British retailers reopened as the economy emerges from a strict winter lockdown.

The panEuropean STOXX 600 index fell 0.4 after closing at a record high on Friday, with banks, commodity and retail sectors among the biggest decliners.

Asian markets slid as investors waited to see if U.S. earnings can justify skyhigh valuations, while concerns about a surge in global COVID19 cases also weighed. MKTSGLOB

European earnings will kick into higher gear later in April, with analysts expecting a 47.4 jump in firstquarter earnings for STOXX 600 companies, according to Refinitiv IBES data. Much of the support is likely to come from consumer cyclicals and industrial companies.

Many people are aware that this reporting season is likely to be quite strong for manufacturing companies and much weaker for companies which have been affected by lockdown, the more serviced based businesses, said Matt Siddle, portfolio manager for European equities at Fidelity International.

The big question for the market is what happens next. How sustainable is that level of supplydemand and whether spending will be deflected back to services and different parts of the economy.

UKs domestically focussed FTSE mid 250 index slid 0.5, but hovered below a record high as shops, pubs, gyms and hairdressers reopened after three months of lockdown.

Airlines EasyJet and Ryanair…