Investors Shift Focus to European Central Bank Meeting as European Markets Decline

European markets traded lower on Monday as investors anticipate the forthcoming interest rate decision from the European Central Bank.

The pan-European Stoxx 600 was down 0.1% in early afternoon trading, with most sectors seeing declines. Mining stocks experienced a 1% drop, while the technology sector saw a 0.7% increase.

Nikkei hit 225 index on Monday, March 4, 2024, in Tokyo. Japan
Japan’s Nikkei 225 hits record high, crossing the 40,000 marks; Asia-Pacific markets mixed. (Credits: Quartz)

Last week, regional markets closed higher as investors analyzed the latest inflation data from the eurozone. The headline consumer price index fell to 2.6% in February, down from January’s 2.8%, against economists’ expectations of 2.5%.

In the Asia-Pacific markets on Monday, Japan’s Nikkei 225 surpassed the 40,000 mark, rising 0.46% and achieving a record high following fresh all-time highs for the S&P500 and the Nasdaq Composite on Friday.

Crude oil
Oil prices edge up, briefly surpassing $80; Saudi Arabia and Russia extend crude supply cuts. (Credits: Zbynek Burival)

Overnight, oil prices saw a slight increase, with West Texas Intermediate crude briefly exceeding the $80 threshold for the first time in four months. This followed announcements from oil giants Saudi Arabia and Russia, along with other key OPEC+ members, stating their intention to prolong voluntary crude supply cuts until the end of the second quarter.

U.S. stocks opened lower after reaching new record highs.

Sajda Parveen
Sajda Parveen
Sajda Praveen is a market expert. She has over 6 years of experience in the field and she shares her expertise with readers. You can reach out to her at [email protected]
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