European stocks reach 23-month high as new year begins

European stock markets experienced a positive start to the new year, with the Stoxx 600 index reaching its highest level in 23 months.

As of 10:15 a.m. in London on Tuesday, the index had gained 0.23%, retreating slightly from an earlier rise of nearly 0.7% based on LSEG data.

The upward trend was seen across most sectors, with notable increases in the autos sector, up by 1.36%, and the oil and gas sector, rising by 1.26%. This rise in oil and gas stocks was influenced by investors monitoring tensions in the Red Sea and their potential impact on oil prices. However, technology stocks experienced a decline, dropping by 0.43%.

Key European market indices showed varied performances:

  • FTSE 100 stood at 7730.53, down by 0.04%.
  • DAX increased by 0.5% to 16836.05.
  • CAC 40 Index rose by 0.2% to 7558.14.
  • FTSE MIB surged by 1.15% to 30701.93.
  • IBEX 35 Index climbed 1.18% to 10221.

Additionally, the eurozone purchasing managers’ index (PMI) from S&P Global indicated that the bloc might have entered a recession in the previous year’s third quarter. A continuous decline in manufacturing output was highlighted.

In the Asia-Pacific region, markets showed mixed results. Chinese stocks fell, while Australian markets neared an all-time high. China’s manufacturing PMI contraction in December 2023 suggested a need for more policy support.

Meanwhile, US stock futures remained flat overnight, following a robust 2023, where the S&P 500 rallied by 24%.

© 2024 funds europe

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