European stocks closed slightly lower on Monday as global investors focused on the U.S. Federal Reserve's monetary policy decision this week.
The pan-European Stoxx 600 provisionally ended the session 0.07% lower, with major regional bourses and sectors mixed, at closed at 4:30 p.m. in London (11:30 a.m. ET).
The Fed is widely expected to cut its key interest rate at its final meeting of the year, with traders pricing in around an 87% chance of a 25-basis-point cut this Wednesday when the central bank concludes its two-day meeting, according to the CME FedWatch tool.
The Fed's decision will set the scene for other central banks, which will hold their final policy meetings of the year this week and next. The Swiss National Bank will deliver its latest policy update on Thursday, and next week we'll get rate decisions from the Bank of England and European Central Bank on Dec. 18.
The jury is still out as to whether the BOE will cut its base rate when it meets, but the ECB is widely expected to hold rates steady. The Bank of Japan is also set to hold its last policy meeting of 2025 on Dec. 19.
Defense stocks Renk, Rheinmetall and Hensoldt were all up. The names moved 5.5%, 3.6% and 2.2%, respectively. The Stoxx 600 Aerospace and Defense index was 1.6% higher at close.
It comes as Citi upgraded Renk from neutral to buy.
Source : CNBC
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