European equity markets were set to open lower on Monday as investors digested the latest remarks from European Central Bank President Christine Lagarde. Speaking on Saturday, Lagarde noted that Europe’s labor market has performed far better than expected despite surging inflation and a series of steep interest rate hikes in recent years. At the same time, firm expectations that the US Federal Reserve will begin cutting interest rates next month fueled a rally in global markets late last week. On the data front, investors will monitor Germany’s Ifo Business Climate survey for August and Spain’s July producer inflation figures. No major corporate earnings are scheduled for release today. In premarket trade, Euro Stoxx 50 futures slipped 0.4%, while Stoxx 600 futures fell 0.3%.