European stocks mixed; caution at start of action-packed week
Investing.com — European stock markets traded in a muted fashion Monday, at the start of an action-packed week full of event risk, including the Federal Reserve’s first meeting of the year.
At 03:25 ET (08:25 GMT), the DAX index in Germany traded 0.3% lower, while the CAC 40 in France traded 0.1% higher and the FTSE 100 in the U.K. rose 0.1%.
Investors have started the new week on a cautious note, with the main indices trading in tight ranges ahead of a potentially crucial policy-setting by the Federal Reserve.
The Fed is widely expected to keep interest rates unchanged on Wednesday with investors eagerly awaiting any indication that officials believe they have progressed enough in their battle against inflation to begin cutting rates sooner rather than later.
The U.S. is set to release the January jobs report on Friday, with the economy expected to have added 177,000 new jobs, slowing from 216,000 the prior month.
The Bank of England also meets this week, and is also expected to keep interest rates on hold on Thursday, following on from the European Central Bank keeping interest rates unchanged at a record-high 4% last week.
In the corporate sector, Ryanair (IR:RYA) stock fell 2.9% after the budget airline trimmed its profit forecast for the year to the end of March after some online travel agents stopped selling its flights in December, forcing it to cut fares to fill seats.
Philips (AS:PHG) stock fell 4.4% after the Dutch medical device maker reported another loss in 2023, even though the losses were trimmed compared with the previous year, as it seeks to bounce back from a series of damaging recalls.
Bayer (ETR:BAYGN) stock fell over 5% after the German pharmaceutical giant was ordered by a U.S. court to pay $2.25
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