European stocks little changed in thin holiday trade

With most European and some Asian markets closed or shutting early, trading was thin as investors drew a line under a strong year for global equitiesEuropean stocks slipped along with US index futures on the last trading day of the year. Graphic: BLOOMBERG

With most European markets closed or shutting down early on Friday, trading was thin as investors drew a line under a strong year for global equities as economies recovered from the pandemic. Emerging markets and Asian benchmarks lagged, partly due to China’s regulatory pressures and slowing economy. Bond investors are nursing losses as many central banks move towards tighter monetary settings to fight inflation.

The Stoxx Europe 600 index hovered close to a record close after advancing more than 22% this year. Among major markets, only the UK and France were open for trading and both are closing early. Contracts on the S&P 500 and Nasdaq 100 were little changed. The S&P 500 pulled back from a record high on Thursday but is 27% up for the year.

The latest data showed China’s manufacturing sector continued to expand in December, providing some relief to Beijing as the world’s second-largest economy continues to struggle with a property market slump. Less positively, Hong Kong may be facing an omicron virus-strain cluster.

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