European stocks fluctuate as Bayer plunges, investors eye rate cuts

ETF Wide MoneyEuropean markets displayed a mixed response on Monday following a strong performance last week, as investors continue to evaluate the prospects of interest rate cuts.

The Stoxx 600 index remained relatively flat at 11:55 a.m. London time, with healthcare stocks dropping by 0.9% and oil and gas stocks leading gains with a 1% increase.

Notably, the German pharmaceutical giant Bayer experienced a significant decline, plunging over 19% after it halted trials of a new anti-clotting drug due to inefficiency. This announcement significantly impacted the company's stock value.

In broader market movements, the UK's FTSE 100, Germany's DAX and France's CAC 40 Index showed varied responses, with the FTSE 100 and DAX slightly down and the CAC 40 marginally up. The FTSE MIB and the IBEX 35 Index also witnessed modest movements.

Inflation figures indicated a decrease, with the UK’s price rises slowing to 4.6% in October from 6.7% in September, and the Eurozone inflation confirmed at 2.9%, down from 4.3% the previous month.

In the United States, cooler-than-expected inflation rates fuelled expectations that the Federal Reserve might halt rate hikes, contributing to a three-week positive streak for the S&P 500 and Dow Jones Industrial Average.

As investors speculated on a potential rate cut by March, the US dollar fell to a two-month low. Meanwhile, in the Asia-Pacific region, Japanese stocks reached a 33-year high during Monday's session, despite some subsequent losses, and China maintained its benchmark lending rates.

US market trading is expected to be shorter this week due to the Thanksgiving holiday, adding another variable to global market dynamics.

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