European markets opened slightly lower on Thursday as investors focus on political developments in Italy and key data releases after the oil-producing cartel OPEC agreed to cut production.

The Stoxx 600 started Thursday's trading 0.07 percent lower.

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Investors continue concerned with political uncertainty in Italy ahead of a key referendum on Sunday and its implications on the banking system. The Italian central bank warned Wednesday that the country's top three banks would need to hold further capital against their assets from 2018.

OPEC countries reached, for the first time in eight years, a deal to cut production. Oil prices climbed to nearly $52 per barrel on the news.

On the data front, the final November manufacturing PMI and unemployment rate for the euro zone will be published. The U.K. will see the release of PMI Manufacturing and mortgage rate figures.