As of 06:35 a.m. ET, Dow futures fell 80 points, indicating a drop of 115 points at the open. S&P 500 and Nasdaq futures were also in negative territory.

Market participants were reacting to a solid jobs report from Friday. The U.S. economy added 224,000 jobs in June, official payrolls data showed, way above an expected increase of 165,000.

Traders had been betting heavily on the prospect of a Fed rate cut at the central bank’s next policy meeting, amid fears of a slowdown in global economic growth. At its last meeting, the Fed said it would “act as appropriate” to maintain the current U.S. economic expansion, which is the longest in history.

The pan-European Stoxx 600 was up around 0.1% shortly after the opening bell, with most sectors and major bourses in positive territory.

· Deutsche Bank shares jumped nearly 4% Monday after the German lender announced a mass restructuring program over the weekend, which will see 18,000 jobs cut by 2022 and the closure of its global equities sales and trading business in a bid to improve profitability.

The bank expects the sweeping reforms, which also involve the creation of a 74 billion euro ($83.05 billion) “bad bank”, to cost 7.4 billion euros by 2022. With second quarter results due on July 25, Deutsche is expected to report a net loss of 2.8 billion euros.

Deutsche Bank chief financial officer James von Moltke told CNBC’s Annette Weisbach on Sunday that this will be the last strategy overhaul, aiming to reduce global headcount to around 74,000 and cut adjusted costs by a quarter to 17 billion euros.

Several sources have told CNBC that layoffs at the bank’s offices in New York begin on Monday.

· Asian shares fell on Monday after strong U.S. jobs data tempered expectations for a Fed rate cut, while the Turkish lira hovered near two-week lows on worries about central bank independence.

Share sentiment was also dampened by U.S. investment bank Morgan Stanley’s decision to reduce its exposure to global equities due to misgivings about the ability of policy easings to offset weaker economic data.

Asian shares were broadly weaker on Monday, tracking Wall Street which fell from record highs last week.

MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS lost more than 1%, with every market in the red.

· Japan’s Nikkei fell on Monday after an unexpectedly strong U.S. job data dampened market expectations for aggressive rate cuts this month.

Also denting the mood was weak domestic economic data. Japan’s core machinery orders fell by the most in eight months in a worrying sign that global trade tensions are taking a greater toll on corporate investment.

The Nikkei share average ended 1% lower at 21,534.35 points.

· Chinese stocks fell on Monday, with the benchmark Shanghai Composite index posting its biggest daily loss in more than two months, as investors scaled back expectations for sharp U.S. rate cuts and a slew of new listings this week weighed on tech shares

At the close, the Shanghai Composite index was down 2.58% at 2,933.36, in its biggest daily loss since May 6.

Reference: CNBC, Reuters