European markets struggled to advance for the second day this week, and crude oil was in focus on the worries of a wider war in the Middle East and supply disruptions.
Stocks in Europe advanced, and crude oil traded higher amid rising tensions in the Middle East and growing violence in the Red Sea. Eurozone bank lending growth remained weak in November, and rose at the slowest pace in nearly eight years.
European markets advanced on the final trading day of 2023, and the benchmark indexes in Frankfurt jumped 19%, the CAC-40 index gained 14%, and the FTSE 100 index edged up 2.4%.
European market indexes hovered near recent highs, and the euro and the pound edged up to a five-month high. Crude oil declined after major oil shipping companies returned to Red Sea shipping routes despite the elevated tensions in the region.
European markets traded slightly higher, and investors looked ahead to rate decisions from central banks in late January. Crude oil advanced amid the rising prospects of a wider war in the Middle East.
European markets traded down, and bond yields held near one-year lows. The UK economy shrank in the third quarter and flirted with a recession. UK passenger automobile production rose in November, and electric vehicle production soared.
European markets lacked direction, and investors turned cautious and booked profits ahead of the year's end. The UK debt-to-GDP ratio expanded after public sector borrowing rose in November. The French business confidence index improved in December.
Market indexes in Europe diverged, and investors debated the rate path and economic outlook. Consumer price inflation in the U.K. dropped to the lowest level in 26 months. Germany's producer price index declined for the fifth month in a row, but the consumer climate indicator improved.
Eurozone consumer price inflation eased to a 28-month low after food, energy, and manufactured goods price inflation slowed. The Bank of France lowered its 2023 annual economic growth estimate.
Central bank policymakers in the U.S. and Europe pushed back talks of rate cuts and tempered investor enthusiasm. European companies revved up deal making despite the talks of economic woes.
The Swiss National Bank held its key lending rate for the second time in a row, citing waning inflation. The Norges Bank increased its key rate by 25 basis points, and signaled rates are likely to be higher for some time.
European markets advanced and awaited the rate decisions from the Bank of England and the European Central Banks. Stocks advanced after the U.S. Federal Reserve held its key lending rate steady and signaled rate cuts over the next two years.
European markets rested after extending gains in the previous three consecutive weeks. Natural gas prices dropped to a two-month low on weak demand growth and ample supplies.
