European markets start December in negative territory
European stocks started the last trading month of the year in negative territory.
The Stoxx 600 began Monday in negative territory, with the pan-European benchmark down 0.44% shortly after the opening bell, with major bourses and sectors in the red.
Regional markets had closed in positive territory on Friday, at the end of a choppy month for stocks as concerns over lofty AI valuations returned to the fore.
Uncertainty over monetary policy also affected sentiment last month but investors are now expecting the U.S. Federal Reserve to trim interest rates when it meets on Dec. 9-10. Traders are pricing in an 87.4% chance of a quarter-point rate cut, according to the CME FedWatch Tool.
Europe investors will be keeping a close eye on progress toward a peace deal for Ukraine this week as U.S’ Special Envoy Steve Witkoff travels to Moscow for talks with Russian President Vladimir Putin and other Kremlin officials.
The talks come after Ukraine said it approved in principle of a U.S.-backed 19-point peace plan. The plan is an amended version of an initial 28-point plan, devised secretly by the U.S. and Moscow, which appeared to favor Russia.
Ukrainian and U.S. officials, led by U.S. Secretary of State Marco Rubio, held more talks in Florida over the weekend. Rubio said the talks were “very productive” but that there was more work left to be done.
Asia-Pacific markets kicked off December in mixed territory as traders assessed fresh manufacturing data from China, which showed China’s factory activity unexpectedly contracted in November.
Source : Cnbc.com
