European markets started the penultimate week of 2023 on a muted note, as reflected by the pan-European Stoxx 600, which experienced a slight 0.1% decline in early trade. While construction and material stocks saw a dip of 1.1%, there was a contrasting 0.8% rise in oil and gas stocks.
Concluding the previous week with its fifth consecutive winning streak, the continental blue chip index closed up by 0.91% on Friday. This positive performance was influenced by significant central bank decisions that unfolded throughout the week.
The US Federal Reserve’s announcement of planning three interest rate cuts in 2024 contributed to the overall optimism in global markets. As a result, Asia-Pacific markets generally experienced a decline on Monday, apart from South Korean markets which saw gains primarily driven by defense stocks.
Looking ahead, caution was observed in early premarket trade as US stock futures advanced. This comes after the three major Wall Street indices managed to achieve a seventh consecutive week of gains.
Source (CNBC)
