European stocks closed firmly lower on Monday, extending the pullback from the last session as markets assessed the latest economic data ahead of monetary policy decisions from the Fed, BoE, and BoJ. The STOXX 50 dropped 0.4% to 4,948, while the STOXX 600 dropped 0.1% to 516. Flash PMIs for the Eurozone showed that private sector activity continued to contract in December, aligning with concerns of muted growth for next year. Also, Moody's downgraded France's credit rating to Aa3 from Aa2 over the weekend, citing concerns about weakened public finances amid ongoing political instability.
In Germany, Chancellor Olaf Scholz lost his confidence vote, as planned, to confirm an anticipated German election for late February. Heavyweight auto manufacturers led the declines, with Mercedes Benz, BMW, and Stellantis dropping between 5% and 3%, pressured by a poor retail sales report from China and an industrial production that heightened auto competition from the country.(Cay) Newsmaker23
Source: Trading economi
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