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European markets opened higher on Monday as the new trading week kicked off, with investors weighing geopolitical turmoil.
The pan-European Stoxx 600 was up by around 0.3% at 8:34 a.m. London time, with most major regional bourses and sectors trading in positive territory.
Traders will be assessing geopolitical upheaval in the Middle East after the ousting of Syrian President Bashar al-Assad over the weekend. Western leaders have greeted the overthrow of the Assad dynasty by rebel forces with caution, fearing a power vacuum and more instability in the region.
Meanwhile, Asia-Pacific markets were mixed overnight. South Korea's Kospi stock index fell over 2% after President Yoon Suk Yeol survived an impeachment vote over the weekend.
U.S. stock futures were little changed Sunday night after the S&P 500 and Nasdaq Composite posted their third straight winning week, ahead of key inflation data due Wednesday.
The November consumer price index, due out Wednesday, is expected to show a slight uptick in pricing pressures. Economists polled by Dow Jones expect a 0.3% and 2.7% monthly and yearly increase, respectively. That would be up from 0.2% and 2.6%, respectively, from the prior month.
— CNBC's Sarah Min contributed to this market summary
Luxury stocks rise as China vows "more proactive" fiscal measures, “moderately” looser monetary policy
Luxury stocks were on the rise Monday as trading kicked off after China's leaders suggested "more proactive" fiscal measures and "moderately" looser monetary policy could come next year. Such moves could boost domestic consumption.
Gucci-owner Kering was up around 4.2% at 8:26 a.m. London time, while shares of Christian Dior and Moncler added around 2.9% each.
Various other luxury brands, including Burberry and LVMH, also rose more than 2%.
Luxury stocks have been sensitive to news about the Chinese economy in recent months. Chinese consumers have historically been big luxury spenders, but several global brands have noted a slowdown in demand recently.
— Sophie Kiderlin
European markets open higher
European markets opened higher on Monday, kicking off the new trading week on a positive note.
The pan-European Stoxx 600 was up 0.33% at 8:07 a.m. London time, with almost all sectors trading in the green. Mining stocks led gains, adding 1.5%.
Stoxx 600
UK business confidence falls to lowest level in almost two years
Business confidence in the U.K. fell to its lowest level since January 2023 in November, according to a report by business advisory and accountancy firm BDO released Monday.
BDO's Optimism Index fell 5.81 points to 93.49 in November, the company said, noting that this also marked the biggest month-on-month decline since August 2021.
Rising costs, falling orders and continuing labour market challenges were cited by BDO as key issues currently facing businesses.
"This month's decline in confidence is likely to reflect businesses' immediate reaction to announcements in the Autumn Budget," BDO added.
— Sophie Kiderlin
China consumer prices climb less than expected as economy slows amid trade war worries
China's consumer prices rose less-than-expected in November, climbing 0.2% from a year ago, according to data from the National Bureau of Statistics released Monday.
Analysts polled by Reuters had expected a slight pickup in consumer prices to 0.5% in November from a year ago, versus 0.3% in October.
China's producer price index declined for the 26th month. Producer inflation fell by 2.5% year on year in November, less than the estimated 2.8% decline as per the Reuters poll.
The persistent near-zero inflation shows that China is still grappling with sluggish domestic demand and deflation at the wholesale level. This is in spite of Beijing's slate of stimulus efforts since September which has included interest rate cuts, support for the stock and property markets as well as efforts to boost bank lending.
Read the full story here.
— Lee Ying Shan
CNBC Pro: Five global stocks the pros are buying before the start of 2025
2024 has seen some massive stock rallies, as investor interest in themes such as AI has shown little sign of waning.
As the year-end nears, CNBC Pro asked three fund managers what global stocks they are buying in the lead-up to 2025, as they attempt to get ahead of the curve.
CNBC Pro subscribers can read more here.
— Amala Balakrishner
European markets: Here are the opening calls
European markets are expected to open in flat to lower territory Monday.
The U.K.'s FTSE 100 index is expected to open 5 points lower at 8,299, Germany's DAX down 7 points at 20,377, France's CAC up 1 point at 7,430 and Italy's FTSE MIB down 45 points at 34,713, according to data from IG.
There are no major earnings or data releases in Europe Monday.
— Holly Ellyatt
English (US)