EUROPE Market trades lower on Monday

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. France's CAC 40 index shed 0.34% to 6,719.08. Germany's DAX index dropped 0.46% to 14,462.05. Switzerland's 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 lender's 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.

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