European markets end the year on a high note, with gains ahead of the New Year holiday.
European markets ended the holiday-shortened trading session on Tuesday with gains, maintaining positive momentum as they prepare for the New Year holiday.
The pan-European index initially opened slightly lower before reversing direction to trade 0.27% higher by mid-morning, eventually closing up 0.4% by the end of the day. All sectors finished in positive territory.
Both the London Stock Exchange and France's CAC exchange slid lower at the open but later recovered to trade around 0.5% higher. The FTSE 100 closed 0.6% higher, marking its fourth consecutive yearly gain.
While Spain's stock market closed 0.5% higher, the Dutch stock market closed almost 0.8% higher.
European markets that were open today had a half-day of trading while markets in Germany, Switzerland and Italy were shut. European markets will be closed on New Year's Day before reopening on Jan. 2.
The top-performing stocks on the index included Canal+, which gained 4%, and Neste, which increased by 2.9%. Shares of closed up 3.3%. On the other hand, Galp Energia was the worst performer, ending the trading session 4.2% lower.
Despite European markets closing lower on Monday, regional stocks are expected to end the year with moderate gains. The FTSE 100 has gained 5.7% year-to-date, while Germany's DAX has outperformed, up almost 19%. However, the CAC 40 index in France, which has been plagued by ongoing political turmoil, has fallen 2.2% year-to-date.
The best performing sectors in the Stoxx 600 index this year are banks, telecoms, and financial services, with gains of 25%, 15.8%, and almost 15% respectively.
The sectors that have underperformed the most in 2024 are food and beverage, autos, and basic resources, with all experiencing a decline of approximately 12%.
This year, the U.S. S&P 500 index has gained approximately 24%, while the Stoxx 600 has seen a similar increase in value.
After a fatal crash of one of its aircraft in South Korea on Sunday, traders will closely monitor the New York-listed shares of Boeing.
On Monday, Boeing shares dropped approximately 2.2%. South Korean authorities plan to investigate the crash, which resulted in the deaths of 179 people, to determine its precise cause.
One of the world's most commonly used airplanes, the Boeing 737-800, has a strong safety record.
Despite another successful year for Wall Street, U.S. stock futures were slightly lower ahead of the final trading session of 2024. Meanwhile, Asia-Pacific markets fell overnight as China's manufacturing growth missed expectations. Despite this, the country's benchmark CSI 300 was on track to end the year higher, marking the end of three years of losses.
— CNBC's Chloe Taylor contributed to this market report.
Markets
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