European stocks edge higher on 2024’s last trading day: CAC 40, FTSE up over 0.30%

(Originally posted on : Invezz )

European markets moved slightly higher on Tuesday in a shortened trading session ahead of the New Year holiday.

The pan-European Stoxx 600 index, was in the red on the last trading session of 2024.

The FTSE 100 in London and France’s CAC 40 both opened lower but recovered to trade higher.

At the time of writing, the FTSE 100 was up 0.30% to trade at 8,145.72, while the CAC 40 was up 0.36% to trade at 7,340.24.

Markets in Germany, Switzerland, and Italy remained closed, and all European markets will resume trading on January 2 after the New Year’s Day holiday.

Year-end performance

European stocks are on track to close the year with moderate gains.

The FTSE 100 climbed 4.75% year-to-date, while Germany’s DAX outperformed with a nearly 19% rise.

In contrast, France’s CAC 40 fell over 3%, weighed down by ongoing political instability.

The Stoxx 600 has advanced approximately 5.5% in 2024, driven by strong performances in specific sectors.

Asian stock under pressure

Asian stocks declined in light holiday trading on Tuesday, with thin volumes due to market closures in Japan and South Korea for the New Year’s Eve holiday.

Other regional markets, including Australia, New Zealand, Singapore, and Hong Kong, closed early for the holiday.

China’s Shanghai Composite index dropped 1.63% to 3,351.76 after data revealed slower expansion in the country’s factory activity for December.

China’s manufacturing sector showed signs of slowing in December, as the official Purchasing Managers’ Index (PMI) dipped slightly to 50.1 from 50.3 in November.

However, the non-manufacturing PMI surged to 52.2.

Hong Kong’s Hang Seng index edged up slightly to finish at 20,059.95.

Australian markets ended the year lower, with losses led by banks, miners, and consumer discretionary stocks.

The S&P/ASX 200 fell 0.92% to 8,159.10, its lowest close since December 20, while the All Ordinaries index slipped 0.89% to 8,420.50.

Indian equities also had a rough day but managed to make a slight comeback later in the day.

The benchmark Sensex closed approximately 109 points lower, rebounding from an intraday loss of 688 points earlier in the session.

The 30-stock index closed at 78,139.01.

US stock futures remain muted

US stock futures dipped slightly as 2024 neared its close.

Dow Jones Industrial Average futures edged slightly higher, going up 78 points to 43,005.

S&P 500 futures were also higher, up 0.25% at 5,973.25.

The tech-heavy Nasdaq-100 futures experienced the most significant upward movement.

The index was up 0.30% at 21,479.75.

This quarter, the Nasdaq and S&P 500 surged 7.1% and 2.5%, respectively, putting them on track for a fifth consecutive positive quarter – a feat not achieved since 2021.

The Dow Jones Industrial Average saw a more modest gain of 0.6% over the same period, marking its fourth positive quarter in five.

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