European stocks traded in mixed territory on Tuesday, with shares struggling to find momentum after a broad sell-off marked the first day of the new month.
Shortly after the opening bell, the pan-European Stoxx 600
hovered just above the flatline, with no consensus movement seen among sectors and major bourses.
Regional stocks traded lower on Monday, marking a gloomy start to the last trading month of the year in which investors are now expecting the U.S. Federal Reserve to cut interest rates when it meets on Dec. 9-10. Traders are pricing in an 87.2% chance of a quarter-point rate cut, according to the CME FedWatch Tool.
The Bank of England is also closely monitoring the Fed for any potential spillover effects, Megan Greene, who sits on the Monetary Policy Committee at the Bank of England, told CNBC Monday.
"About half the moves in our curve actually are generated entirely outside the U.K.," Greene told CNBC's Ritika Gupta on Monday.
The BOE has not committed to cutting rates in December but economists broadly expect the central bank to do so giving signs of cooling inflation, likely to be encouraged further by disinflationary measures in last week's Autumn Budget, as well as lackluster growth and a weakening labor market.
In corporate news, German biotech giant Bayer
won support from the Trump administration on Monday to curb U.S. litigation related to its Roundup weedkiller. Shares of the company were last seen 14% higher.
The company faces thousands of lawsuits alleging the weedkiller has caused health issues including cancer and has already paid billions of dollars to claimants.
Source: CNBC
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