European markets open higher despite cautious sentiment, traders monitor global developments

From Investing.com: 2024-12-09 03:05:05

European stock markets opened the week positively with most major indices gaining, despite cautious investor sentiment. At 3:05 ET, saw a 0.3% rise, while 40 increased by 0.8%. Traders are monitoring global developments due to no major corporate earnings or economic data scheduled in Europe on Monday.

Geopolitical tensions rose in the Middle East after rebel forces ousted Syrian President Bashar al-Assad. Western leaders are cautious about potential consequences of a power vacuum in the region. Investors are closely watching the situation for its impact on global stability and markets.

UK business confidence hits a nearly two-year low, dropping in November to the lowest level since January 2023. The Optimism Index fell sharply by 5.81 points to 93.49, the steepest monthly drop since August 2021. Rising operational costs, shrinking order volumes, and labor market challenges are primary factors contributing to the decline.

Oil prices increased slightly on Monday due to a rising geopolitical risk premium following the overthrow of Syrian President Bashar al-Assad. Ongoing tensions between Israel and Lebanon also played a role in pushing prices higher. By 3:05 ET, WTI futures rose 1.1% to $67.91 per barrel, while Brent crude rose by 0.9% to $71.75 per barrel.



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