European markets were mostly lower on Monday amid an apparent pause in the recent global rally as traders bet on interest rate cuts from major central banks in 2024.
EUROPEAN MARKETS
| TICKER | COMPANY | PRICE | CHANGE | %CHANGE |
|---|---|---|---|---|
| .FTSE | FTSE 100 | 7512.96 | -16.39 | -0.22 |
| .GDAXI | DAX | 16404.76 | 0 | 0 |
| .FCHI | CAC 40 Index | 7332.59 | 0 | 0 |
| .FTMIB | FTSE MIB | 29914.09 | -14.36 | -0.05 |
| .IBEX | IBEX 35 Idx | 10178.3 | 37.5 | 0.37 |
The pan-European Stoxx 600 provisionally closed down 0.1%, with mining stocks shedding 2.4% to lead losses, while energy stocks dropped 1.6%.
Gold prices notched a fresh record high on Monday for a second consecutive day, with spot prices touching $2,100, with analysts citing geopolitical uncertainty, a likely weaker U.S. dollar and possible interest rate cuts as further catalysts for bullion heading into next year.
The prospect of rate cuts, and more imminently another hold from the U.S. Federal Reserve at its next policy meeting in mid-December, sent the S&P 500 to a 2023 high on Friday following a five-week winning streak. Meanwhile, the Dow Jones Industrial Average in November enjoyed its best month since October 2022.
The upward momentum continued despite Fed Chair Jerome Powell’s efforts to temper market expectations for incoming rate cuts, as he argued it was “premature to conclude with confidence” that monetary policy was “sufficiently restrictive.”
U.S. stocks were lower in early trade on Monday as caution returned.
Shares in Asia-Pacific were also mixed on Monday with investors awaiting a fresh round of economic data on Tuesday, and key inflation readings later in the week.
Source : CNBCC
