BRUSSELS (dpa-AFX) - The major European markets were subdued on Monday amid thin volumes with investors somewhat reluctant to make big moves ahead of upcoming Christmas holidays.
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 today and tomorrow. They will open for trading for half a day on Wednesday, and then remain closed on Thursday and Friday. The Swiss market will remain closed Wednesday through Friday this week.
Easing concerns about AI spending and tech valuation, and optimism about Fed interest rate cuts next year aided sentiment, while geopolitical concerns amd tensions in Venezuela and negotiations in Ukraine rendered the mood a bit cautious.
The U.K.'s FTSE 100 was down 43.07 or 0.44% at 9,854.35. Germany's DAX was down 6.71 or 0.03% at 24,289.24, and France's CAC 40 was down 29.94 points or 0.37% at 8,121.44, while Switzerland's SMI lost 52.72 points or 0.4% at 13,119.51. The pan European Stoxx 600 dropped slightly to 586.66.
Mining stocks moved higher in the London market. Endeavour Mining gained about 2.5%, Fresnillo climbed 2.4%, while Rio Tinto and Antofagasta posted modest gains.
Polar Capital Technology Trust gained nearly 1%, while Halma, Metlen Energy & Metals and Bunzl posted modest gains.
Among the losers, DCC was down 3.9%, Diageo drifted down 2.9% and WPP was down 2.4%, while Coca-Cola Europacific Partners lost 2.1%.
Croda International, Imperial Brands, Convatec Group, Pearson, Marks & Spencer and United Utilities also shed ground.
In the German market, E.ON, Beiersdorf, Symrise, Vonovia, Brenntag and RWE lost 1 to 1.5%.
Infineon gained nearly 2.5%. Adidas, Siemens, Volkswagen and Deutsche Bank psted modest gains.
In the French market, Pernod Ricard drifted lower by about 2.2%. Stellantis, Edenred, Danone, Safran and Eurofins Scientific lost 1 to 2%.
Kering climbed nearly 1%. Schneider Electric, Hermes International, Legrand and STMicroelectronics edged up marginally.
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.
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