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Markets in Europe open lower on Monday as investors await more detail on the U.K.'s Brexit plan and the inauguration of President-elect Donald Trump in the US later this week.

The pan-European Stoxx 600 was 0.30 percent lower with most sectors trading red.

The pound fell to a three-month low during Asian trading on Monday as investors are worried that Prime Minister Theresa May might outline plans for a "hard Brexit" during a speech scheduled for Tuesday. Over the weekend, the U.K.'s finance minister Phillip Hammond told a German newspaper that if Britain doesn't keep its access to the EU's single market, London would pursue a new "economic model."

In corporate news, the Italian eyewear giant Luxottica and Essilor of France have reached a 46 billion euro ($49 billion) merger deal, Reuters reported.

On Monday's calendar are the release of the final euro zone inflation data and the start of the World Economic Forum in Davos, Switzerland.

The US markets are closed due to the Martin Luther King holiday.

First Published:Jan 16, 2017 1:40 PM IST