EUROPE Market trades lower on Monday

5 Dec 2022 , 05:21 PM

European stock markets were mostly lower on Monday, 05 December 2022, on caution ahead of the release of key activity data, with decline in food & beverage overshadowed gains in basic resources stocks. Investors focused on the release of the final November PMI data for the region, which are likely to show the Eurozone heading into a recession as the year comes to an end. Eurozone retail sales for October are also due for release At 11:40 GMT, the pan European Stoxx 600 index was down 0.16% to 442.58. The U.K.s FTSE 100 index added 0.28% to 7,557.39. Frances CAC 40 index shed 0.34% to 6,719.08. Germanys DAX index dropped 0.46% to 14,462.05. Switzerlands Swiss Market index dropped 0.02% to 11,196.03. Credit Suisse stocks were trading stronger after reports that Saudi Crown Prince Mohammed bin Salman is considering an investment of around $500 million to back the embattled Swiss lenders investment bank. Vodafone shares declined after the struggling U.K.-based telecoms company announced that Chief Executive Nick Read is to step down at the end of the year. Crude oil prices firmed on Monday as OPEC+ maintained its output targets over the weekend. The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, decided to stick to the October plan to cut output by 2 million barrels per day from November, waiting to see the impact of the EU import ban and Group of Seven $60-a-barrel price cap on seaborne Russian oil, which came into force Monday. U.S. crude futures traded 1.3% higher at $81.03 a barrel, while the Brent contract rose 1.3% to $86.71. Powered by Capital Market – Live News