European markets rose on Tuesday although the trading session was quiet ahead of the New Year holiday.
Pan-European Stokes 600 The index opened lower before reversing course to trade 0.27% higher by mid-morning. All sectors were in positive territory.
London FTSE 100 index Index and France CAC 40 Both fell at the open before both recovered to trade about 0.5% higher. Spain Ibex It traded 0.4% higher while the Dutch EX indicator It rose by 0.6%. European markets open today prepare for half-day trading.
Markets in Germany, Switzerland and Italy are closed today. All European markets will be closed on New Year's Day before reopening on January 2.
Best performing stocks in Stokes 600 The Canal+ index was up 4.7%, followed by Finnish oil refiner Neste, up 2.9%. shares JD Sports It rose by 2.7%. Portuguese energy company GELP Energia was the worst performer, falling by 4.3%.
European markets closed lower on Monday after the last full trading session of the year, but regional stocks appear poised to close out the year with moderate gains. The FTSE 100 is up 4.75% year to date while Germany's index is up Dax It outperformed, up nearly 19%. France's CAC 40, beset by ongoing political turmoil, is down more than 3% year-to-date.
The Stoxx 600 is up about 5.5% so far this year, with the best performing sectors being banks (up 25%), followed by telecommunications (up 15.8%) and financial services stocks up about 15%.
The food and beverage, automotive and basic resources sectors were the worst performing sectors, all declining by about 12% over the course of 2024.
Putting the performance of the Stoxx 600 index into perspective, the US S&P 500 index is up about 24% this year.
Traders will once again be watching New York-listed Boeing shares after one of its planes was involved in a fatal accident in South Korea on Sunday.
Boeing shares fell about 2.2% on Monday. South Korean authorities are scheduled to conduct an investigation into the accident that killed 179 people, in an attempt to determine the exact cause of the accident.
The Boeing 737-800, the model involved in the accident, is one of the most widely used aircraft in the world and has a strong safety record.
US stock futures fell slightly ahead of the final trading session of 2024, after another booming year on Wall Street. Asia-Pacific markets fell overnight as China's manufacturing growth fell short of expectations. However, the country's CSI 300 index was on track to close the year higher, ending three years of losses.
— CNBC's Chloe Taylor contributed to this market report.
