Europe open: Stoxx muted on final trading day of year

(Sharecast News) - European shares opened lower on the final day of 2024 in thin trade with only a handful of markets open.

The pan-regional Stoxx 600 index was down 0.04% at 504.69. Markets in Germany, Switzerland and Italy are shut, while the remaining bourses will trade for half a day.

Spain's IBEX posted a 0.08% gain. France's CAC 40 and the UK's FTSE 100 were both flat.

Despite a 2.11% fall over the past month, the Stoxx has risen 5.47% over the past 12 months.

"The cautious mood aligns with global trends, as investors pare back positions ahead of the New Year amid uncertainty over monetary policy and the economic outlook under a Trump presidency," said Matt Britzman, senior equity analyst at Hargreaves Lansdown.

"Across the Atlantic, tech stocks remained under pressure, dragging the S&P 500 and Nasdaq lower in yesterday's session, with holiday-season volatility and year-end profit taking amplifying the losses.

In equity news Galp Energia fell more than 4%.

Reporting by Frank Prenesti for Sharecast.com