Investing.com - European stock markets closed lower Monday after trading in a mixed fashion in the day, the final full trading day of what has been a generally positive 2024 for regional markets.
At 11:40 ET (16:40 GMT), the DAX index in Germany and the CAC 40 in France were down 0.6%, while the FTSE 100 in the U.K. dropped 0.35%.
Muted European trading
Trading was muted in Europe on Monday, as markets prepare to wind down for the New Year holiday, with many European indices set to close early on Tuesday.
The pan-European STOXX 600 index is on course for a gain of around 5.5% this year, with the German DAX up over 19%, the FTSE 100 up 5%, while the CAC 40 has underperformed, dropping 2.6%.
Spanish inflation rises
Data released earlier Monday showed that Spain’s annual EU-harmonized inflation rate rose to 2.8% in December, up from the 2.4% figure recorded in November.
The European Central Bank cut interest rates earlier this month and signaled more cuts ahead as economic growth in the region stagnates.
However, the next interest rate cut could be longer in coming after a recent uptick in inflation, ECB Governing Council member Robert Holzmann was quoted as saying on Saturday.
"I don't see any interest rate hikes at the moment. What could happen, though, is that one takes more time until the next interest rate cut," Holzmann told Austrian paper Kurier.
Eurozone annual inflation accelerated in November to 2.2% from 2.0% a month earlier and above the ECB's 2% target rate.
Siemens Healthineers falls
In the European corporate sector, Siemens Healthineers (ETR:SHLG) stock closed down at 1.7% after Siemens' (ETR:SIEGn) Chief Financial Officer Ralf Thomas told the Handelsblatt newspaper that the German technology group is reviewing its majority stake in its medical technology unit.
Crude slips ahead of Fed meeting
Crude prices rose slightly Monday in thin holiday-impacted trade at the start of the final week of the year.
By 11:40 ET, the US crude futures (WTI) climbed 0.8% to $71.17 a barrel, while the Brent contract gained 0.5% to $74.19 a barrel.
Both benchmarks are on course for hefty losses in 2024, with the WTI contract down around 1.5% and Brent over 4% lower so far, largely on concerns over slowing demand in China, the world’s largest oil importer.