BRUSSELS (dpa-AFX) - European stocks are mostly staying sideways in lackluster trade on Tuesday as activity is subdued with several markets in the region closed for New Year's Eve, and no economic or corporate news to warrant significant moves.
Among the major markets, Switzerland and France are closed for holiday, while France and the U.K. will have a shortened session.
After opening on a weak note and drifting down further in early trades, the U.K. market recovered some lost ground, but is still languishing in negative territory.
The benchmark FTSE 100, which declined to 7,530.85, is currently down 13.02 points, or 0.17%, at 7,574.51.
Among the losers in the FTSE 100 index, Micro Focus is down more than 2.5%. GlaxoSmithKline, J Sainsbury, Hikma Pharma and AstraZeneca are also notably lower.
On the other hand, Ocado, Ferguson, Carnival, Hiscox and Taylor Wimpey are up in positive territory with modest losses.
On the Brexit front, Phil Hogan, the EU trade commissioner has reportedly said Boris Johnson will be forced to U-turn on his refusal to extend the post-Brexit transition period beyond the end of 2020, and branded it a 'stunt'.
Hogan warned the prime minister his 'have our cake and eat it' rhetoric would be exposed as false once the hard reality of the negotiations bites in the new year.
The French market recovered after a mild setback and is currently moving around the flat line.
The benchmark CAC 40, which edged down to 5,958.25, is currently at 5,982.85, up slightly from previous close.
Bouygues, Capgemini, Saint Gobain, Airbus Group and Essilor Luxottica are modestly higher.
STMicroElectronics is declining 1.4%. Peugeot is down by about 1%. Carrefour, Renault and ArcelorMittal are modestly lower.
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