European markets were hopeful that Monday would prove to be a strong day as markets opened higher before plummeting by mid-afternoon trading. Before the Christmas holiday, it is expected that trading volumes will remain rather limited resulting in more stability in the market.
France’s CAC 40 opened the day up0.37% before plummeting 1.30% at close. Germany’s DAX 30 rallied in morning, trading up 1.06% before easing down for a loss of 1.04% at close. Euro Stoxx 50 also witnessed ups and downs on Monday, rising 0.27% before closing down 0.95% on the day.
Crude oil prices are down 1.41% on Monday, currently trading at $35.55 a barrel. Oil prices fell even further on Friday, reaching $34.29 a barrel, which was the lowest level in over a decade.
Financial stocks suffered greatly on Monday, with BNP Paribas (BNPP) closing down 1.13%, Germany’s Commerzbank (CBKG) ending the day down 1 .17%, and Italy’s Intesa Sanpaolo (ISP) rising 0.39% on the day.
The FTSE 100, the commodity heavy sector, suffered a 0.29% loss on the day.
BG Group PLC (BG) closed the day down 0.9% following the selloff of the company shares by its largest investor Capital Group. The company sold £100 million shares in the company.