European stocks experienced a downturn on Monday morning as investors focused on the upcoming World Economic Forum in Davos, Switzerland.
The Stoxx 600 index fell by 0.26% at 9:15 a.m. in London, reflecting a broader decline across most sectors. Notably, bank stocks decreased by 0.9%, while travel stocks saw a 1% rise.
Key European market indices like the FTSE 100, DAX, CAC 40 Index, FTSE MIB and IBEX 35 Index all recorded losses.
Germany, Europe’s largest economy, reported a contraction of 0.3% in 2023, according to initial figures from the National Statistics Agency. Factors such as high inflation, rising interest rates and reduced domestic and foreign demand were cited as contributing to the downturn in GDP, which, however, remains 0.7% higher than pre-pandemic levels in 2019.
Meanwhile, mainland China’s markets recovered slightly after the central bank kept its medium-term policy loans rate steady. US markets remained closed on Monday.
© 2024 funds europe
