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European markets were sluggish to begin the New Year, with bank stocks leading equities lower on the first trading day of 2025.
The pan-European Stoxx 600 index was down 0.2% on Jan. 2 as markets reopened after the New Year’s holiday.
Bank stocks were particularly weak, declining 2%, while automotive stocks fell 1.4% on the day.
Those losses were partly offset by oil and natural gas stocks, which rose 1%, as well as utilities, which gained a little less than 1%.
Major bourses across Europe are in the red to begin 2025, with France’s CAC 40 down 1% and Germany’s DAX index declining 0.12%. Britain’s FTSE 100 was flat on the day.
At the same time, Asian stocks traded mixed, with Chinese stocks leading losses in that part of the world. U.S. stock futures pointed to a higher open to start 2025.
Traders and investors are hoping that American markets can recover after a difficult December in which a hoped for “Santa Claus rally” failed to materialize.
Although U.S. stocks fell in weak trading in the final days of 2024, the year still produced solid gains, with the benchmark S&P 500 rising 23% fueled by enthusiasm for artificial intelligence (AI) and interest rate cuts.
A majority of analysts on Wall Street expect further gains in U.S. stocks this year driven by a strong economy, robust corporate earnings, and further declines in interest rates.
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