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European shares retreated on Friday and were poised for their first weekly decline in three, as traders gauged the prospects of a prolonged global monetary policy tightening, while German footwear maker Adidas' dour forecast also spooked investors. The pan-European STOXX 600 was down 0.6% at 0932 GMT, after touching a near one-year high on Thursday as a slew of upbeat corporate earnings gave a fillip to risk-on sentiment.

Euro zone government bond yields climbed sharply on Monday in the wake of stronger-than-expected Spanish inflation data, as investors looked towards the European Central Bank's (ECB) interest rate decision on Thursday.

A gauge of global stocks dipped on Monday after six sessions of gains while the yield on the U.S. ten-year Treasury rose for a third day, ahead of central bank policy announcements and data that may shed light on whether progress has been made in bringing down inflation.

Hotter inflation is something that will continue to spook markets." Europe's technology index was the top decliner among STOXX 600 sectors, down 1.7%, with chip stocks ASM International N.V. and Nordic Semiconductor among those posting the biggest losses. Keeping London's FTSE 100 afloat and limiting declines on the STOXX 600, UK-based consumer goods giant Unilever rose 1.3% after announcing a new chief executive officer.

From last Friday's close, the S&P and the Dow have set a course for their third weekly gains in four, while the tech-laden Nasdaq appears set to notch its fourth straight weekly advance. The Commerce Department's hotly anticipated personal consumption expenditures (PCE) report arrived largely inline with consensus, showing softening demand and cooling inflation - which is exactly what the Federal Reserve's restrictive interest rate hikes are intended to accomplish.