European Markets Close Mostly Lower After Cautious Session

(RTTNews) - 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 tomorrow. 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 U.K.'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 Turkiye closed weak.

Czech Republic, Finland, Greece, Norway, Poland and Sweden ended higher, while Iceland and Spain closed flat.

DCC, down more than 5%, was the biggest loser in the FTSE 100 index. Diageo closed lower by about 3.7%, while Pershing Square Holdings, WPP, Ashtead Group, Howden Joinery Group and Rolls-Royce Holdings lost 1.25 to 2.5%.

Fresnillo climbed 2.85%. Airtel Africa, Endeavour Mining and Rio Tinto gained 1.5 to 2%.

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.