European markets closed lower

Frankfurt — European stocks closed on a weak note on Monday with investors largely refraining from making big moves and most of the markets recording thin volumes, ahead of upcoming Christmas holidays.

Easing concerns about AI spending and tech valuation, and optimism about Fed interest rate cuts next year aided sentiment, while geopolitical concerns amid tensions in Venezuela and negotiations in Ukraine rendered the mood a bit cautious.

The German market will have a full session on Tuesday, and then remain closed for rest of the week. The UK and French markets will have full sessions on Tuesady. They will open for trading for half a day on Wednesday, and then remain closed on Thursday and Friday, while the Swiss market will remain closed Wednesday through Friday this week.

The pan-European Stoxx 600 ended down by 0.13%. The UK’s FTSE 100 and France’s CAC 40 closed lower by 0.32% and 0.37%, respectively. France’s CAC 40 edged down 0.02%, and Switzerland’s SMI settled lower by 0.06%.

Among other markets in Europe, Belgium, Denmark, Ireland, Netherlands, Portugal, Russia and Turkey closed weak. The Czech Republic, Finland, Greece, Norway, Poland and Sweden ended higher, while Iceland and Spain closed flat.

In the German market, Infineon, Fresenius Medical Care, Gea Group, Zalando and Deutsche Boerse posted sharp to moderate gains.

In the French market, Stellantis shed more than 4%. Pernod Ricard closed nearly 3% down. Edenred, Safran, Danone, L’Oreal, Veolia Environment and Sanofi alco ended notably lower.TP, Legrand, ArcelorMittal, Kering, Unibail Rodamco, Air Liquide and TotalEnergies ended higher.

Data from the Office for National Statistics showed the UK economy registered a meager growth as initially estimated in the third quarter, growing by unrevised 0.1% sequentially, following the second quarter’s 0.2% expansion.

The growth was driven by increases in services and construction, while industrial output contracted.

The dominant service sector advanced 0.2%, following a growth of 0.3% a quarter ago. Construction output also expanded 0.2% after rising 1.2% in the preceding period.

Industrial production fell 0.3% but slower than a 0.7% fall in the previous quarter.

The monthly fall was mainly because of a drop of 0.8% in manufacturing and a 0.4% fall in mining and quarrying. On a yearly basis, GDP expanded 1.3% in the third quarter, unchanged from the initial estimate.