European Markets Open Lower on Last Trading Day of 2024
European markets opened in negative territory on Monday, December 30, in what will be the region’s last full trading session of the year.
The pan-European Stoxx 600 index fell about 0.4% shortly after the opening bell, with all sectors and major bourses in negative territory. Industrials, media and technology stocks led the losses.
Trading is expected to be quiet in Europe on Monday, as markets prepare to end the New Year holiday.
In flash estimates published Monday, Spain’s National Statistics Institute (INE) said the annual rate of EU-harmonized inflation rose to 2.8% in December, up from 2.4% recorded in November.
The reading was higher than the 2.6% forecast by analysts in a Reuters poll.
Spain’s core inflation — which excludes fresh food and energy prices — rose 2.6% on an annual basis, according to INE estimates.
The update follows remarks by European Central Bank Governing Council member Robert Holzmann to Austrian newspaper Kurier over the weekend that the institution may slow down its interest rate-cutting campaign due to high inflation.
"I don't see any rate hikes at the moment," he said. "But what is possible is that it will take longer until the next rate cut."
His comments came as Italian lawmakers passed their government budget for 2025, which aims to bring the country's fiscal deficit closer to 3% to meet EU rules.
In an interview published Saturday, newly appointed French Finance Minister Eric Lombard told La Tribune Dimanche news agency that the country's upcoming draft budget for 2025 would aim for a deficit just above 5%, according to a translation by Reuters news agency
Overnight in Asia, stocks were mixed as investors monitored political turmoil in South Korea, as well as industrial data from the country. Japan also released economic data earlier in the week that showed a contraction in its factory activity slowed this month.
Korean airline stocks fell on Monday following a Jeju Air plane crash that killed 179 people a day earlier, with Jeju Air's stock hitting an all-time low.
Source: CNBC
