European Stocks Decline as Investors Await Central Bank Decisions

European shares declined while the dollar maintained its strength on Tuesday as investors awaited a series of central bank meetings this week. The anticipated outcome includes a rate cut by the U.S. Federal Reserve and a pause in adjustments by the Bank of Japan. The pan-continental STOXX 600 index dipped 0.5%, reaching a two-week low. Germany’s DAX, France’s CAC 40, and Britain’s FTSE 100 also experienced losses, ranging from 0.1% to 0.7%.

Analysts attributed the European market’s weakness to recent disappointing economic data. Meanwhile, U.S. equity markets have outperformed their European counterparts this year, with the Nasdaq achieving another record close on Monday. The S&P 500 has surged by 27% in 2024, compared to the STOXX 600's 7% increase. In Asia, Japan's Nikkei 225 retreated 0.2%, while South Korea's Kospi shed 1.3%, resulting in yearly losses exceeding 7%, making it Asia's worst-performing market this year. The South Korean market has been under pressure due to political turmoil following President Yoon Suk Yeol's impeachment and suspension of duties on Saturday over a short-lived attempt to impose martial law. Bitcoin hovered near its record high of $107,821 reached on Monday, settling at $107,346. The cryptocurrency market has been experiencing growth since the U.S. election in early November, fueled by speculation that the incoming Trump administration will create a more favorable regulatory environment. This week, central banks in the United States, Japan, the United Kingdom, Sweden, Norway, Indonesia, and Thailand will convene. The BOJ, the Bank of England, Norges Bank, and the Bank of Thailand are anticipated to maintain their current policies, while the Riksbank is expected to lower rates. Bank Indonesia, on the other hand, is projected to raise interest rates to bolster the rupiah, which is near its lowest point in four months

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