European stock markets made modest gains on Tuesday, despite thin trading volumes due to the holiday season. Several European markets, including Italy, Switzerland, and Germany, were closed for New Year's Eve, while others like France, Spain, and the UK were set for early closures. European indices have faced challenges in the final quarter of the year, grappling with political uncertainties, a slowing economy, and rising bond yields.
This has led to underperformance compared to their US counterparts. Despite this, German stocks have led the way with a near 19% increase this year, while the UK's FTSE 100 is projected to rise by almost 5%. The economic calendar for Tuesday was largely empty, but attention will shift to the release of manufacturing PMI data for the European region on Thursday. The December reading for the eurozone is anticipated to reveal further contraction in the sector, signaling more difficulties for European economies. Crude prices climbed on Tuesday, buoyed by signs of growth in Chinese manufacturing activity. However, they are poised to end lower for the second year in a row. China's manufacturing sector expanded in December, albeit at a slower pace than anticipated. This expansion marks the third consecutive month of growth, supported by new stimulus measures. The outlook for oil demand heavily relies on the hope that China, the world's largest oil importer, can revitalize its economy. Concerns about potential oversupply due to anticipated production increases from non-OPEC countries also exist. The Brent benchmark is still projected to decline by around 3% in 2024, while the WTI contract is largely unchanged for the year
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