European stocks edged lower on Monday, with the London benchmark losing early gains as home builders fell.

The FTSE 100 was recently down 0.04% at 6,575.44. In Frankfurt the Dax was down 0.25% at 9,751.43 and in Paris the Cac 40 fell 0.25% to 4,263.25

Real estate companies and home builders led the decliners on the FTSE 100 after Markit's June construction purchasing managers' index fell faster than expected and entered contraction territory for the first time in more than three years.

British Land (BTLCY) , Land Securities (LSGOF) and Hammerson (HMSNF) and home builders Berkeley Group, Barratt DevelopmentsBTDPY, Taylor Wimpey (TWODF) and Persimmon (PSMMY)  were each down well over 2%. The pound recently slipped 0.08% against the dollar to $1.3256.

Miner Fresnillo (FNLPF) led the FTSE 100 gainers, rising close to 8% as the price of silver soared.

Randgold Resources (GOLD) - Get Report was up close to 4%.

The U.K.'s Chancellor of the Exchequer George Osborne told the Financial Times he wanted to cut corporate tax rates to 15% from 20%, a deeper cut than previously planned, in the wake of Britain's vote to leave the European Union. His comments come amid speculation the Bank of England will use a semi-annual Financial Stability Report to unveil support for the banking sector. U.K. banking shares were little changed.

Meanwhile law firm Mishcon de Reya said yesterday it was working on legal action to ensure the U.K.'s Brexit plan was put to House of Commons lawmakers. The "leave" outcome of the June 23 referendum is not legally binding but lawmakers - although mostly in favor of remaining in the EU - have been seen as unlikely to defy the referendum verdict.

In the eurozone,  May producer price data from the EU's statistics arm came in better than expected, with the annual decline narrowing to 3.9% from 4.4% and monthly price growth of 0.6% coming in at double the pace expected, and rebounding after a 0.3% decline the month before.

In Milan banking stocks fell, with Monte dei Paschi di Siena down close to 10% after it  warned that the European Central Bank had told it to deal with its non-performing loans. Banca Carige was down 6% and  Intesa Sanpaolo (ISNPY)  was  down well over 3%. Reports suggest Prime Minister Matteo Renzi is seeking to defy EU state aid rules that stipulate creditors should take the hit in the event of bank bailouts rather than tax payers. He wants to inject state funds to prop up the banking sector.

The FTSE Mib In Milan was down 0.69% at 16,183,19.

Silver surged and gold rose. Silver was recently up 3.6% at $20.29 an ounce.

Brent crude was up 0.46% at $50.58 per barrel.

S&P 500 mini futures were up 0.21%. The U.S. market is closed on Monday for Independence Day.

Asian stock benchmarks moved higher on Monday as the Australian market shrugged off inconclusive Federal elections.

Saturday elections yielded no majority for any of the parties, raising the prospect of a hung parliament. Incumbent Prime Minister Malcolm Turnbull, of the conservative Liberal Party, said on Sunday there may be no clear outcome for several days. The Liberal Party and coalition partner the National Party had 67 seats, with the Australian Labor Party holding 71, according to the latest tally by the Australian Electoral Commission.

The S&P/ASX 200 was up 0.67% at 5,281.80. The Australian dollar recovered from early losses and was recently up 0.24% of a U.S. dollar, at 75.16 cents.

In Tokyo the Nikkei 225 was up 0.60% at 15,775.80 and the Topix was also up 0.60% at 1,261.97.

In Hong Kong the Hang Seng closed up 1.25% at 21,053.77 and on mainland China the CSI 300 climbed 1.60% to 3,204.70.