London, Britain – European shares began the holiday week trading at a steady and cautious pace on Monday, as gains in the technology and basic materials sectors offset profit-taking, following the market’s record close in the previous session.
Key indicators performance
By 08:10 GMT, the pan-European STOXX 600 index was steady at 587.28 points. Meanwhile, major markets saw slight declines, with Britain’s FTSE 100 and France’s CAC 40 both down 0.3%, according to Reuters.
Market drivers: between interest and commodities
This stability comes after a week of strong gains (over 1%), driven by global economic factors:
US inflation: The slowdown in US inflation has strengthened expectations of an interest rate cut by the US Federal Reserve.
European Central Bank: The bank’s optimistic outlook on the Eurozone economy has helped to support investor confidence despite keeping interest rates unchanged.
Sector performance: Gold and copper lead the mining sector.
Several sectors emerged as the top performers in today’s session:
The mining sector jumped 1.2%, supported by gold prices reaching a historic high above $4,400 and copper hitting record levels.
Technology sector: rose by 0.6%, recovering part of its losses of 0.9% last week.
Energy sector: Oil stocks recorded a slight increase of 0.3% in line with rising crude prices.
individual stock movements
Shares of Abivax took center stage, jumping 10% following media reports indicating renewed interest from US pharmaceutical giant Eli Lilly in acquiring the company.
Awaiting US data
Investors are currently entering a “short trading week” due to the year-end holidays, with attention focused on the US GDP data due later, which will be the last indicator before the markets go into holiday.
