By Investing.com — European stock markets traded in a muted fashion at the start of a holiday-shortened week, while economic growth in the UK stalled.
At 06:40 ET (11:40 GMT), Germany’s DAX fell 0.2%, France’s CAC 40 dropped 0.1%, while the UK’s FTSE 100 gained 0.1%.
Markets across the region will either close early or remain shut on Christmas Eve and Christmas Day.
UK GDP stagnated in Q3
The UK’s real GDP for the third quarter of 2024 was revised down to show no growth, a reduction from the earlier 0.1% increase estimate, adding to signs of a economic slowdown.
The Office for National Statistics also cut its estimate for growth in the second quarter to 0.4% from a previous 0.5%.
Elsewhere, Spain’s gross domestic product grew 0.8% in the third quarter, confirming the preliminary reading, while German import prices grew by 0.6% year on year in November, above the 0.3% increase expected.
Aviva to buy Direct Line in £3.7 billion deal
Aviva (LON:AV) stock rose 0.5% after the UK insurer announced the acquisition of Direct Line (LON:DLGD), up 3.3%, for £3.7 billion in cash and stock, forming the largest home and motor insurance entity in the UK.
The preliminary agreement was finalized earlier in December, just before the Christmas Day deadline.
L’Oreal (EPA:OREP) edged slightly higher after it agreed to acquire Gowoonsesang Cosmetics, the company behind the South Korean skincare brand Dr.G, from Swiss retailer Migros.
Oil prices slip slightly
Oil prices slipped slightly Monday, as investors digested the US government’s resolution of a potential shutdown and favorable inflation trends as well as weaker demand concerns.
At 06:40 ET Brent crude futures fell 0.3% to $72.32 per barrel, while WTI crude futures dropped 0.2% to $69.30 a barrel.
Optimism surrounding China’s economic stimulus plans and the potential for stricter sanctions on Iran and Russia are fueling a tighter supply outlook for 2025.
(Navamya Acharya contributed to this article.)