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European stocks slip as bond yields stay high

by December 30, 2024
written by December 30, 2024

(Reuters) – European stocks edged lower on Monday as elevated government bond yields prompted investors to pull out of equities at the end of a positive year for regional markets.

The pan-European STOXX 600 index dropped 0.4% by 0819 GMT, with technology and industrial goods makers leading broad-based declines.

Trading volumes were thin ahead of the New Year holiday, with several markets in Europe set to close early on Tuesday.

The 10-year German bund yield traded at its highest since mid-November, tracking a rise in U.S. Treasury yields, as uncertainty around monetary policy next year and prospects of inflationary measures under a Trump presidency weighed on investor sentiment.

The STOXX 600 is still on course for a 5.9% annual rise, with German stocks leading regional gains and French shares lagging.

Siemens (ETR:SIEGn) Healthineers dipped 0.6% after Siemens AG (OTC:SIEGY)’s Chief Financial Officer Ralf Thomas told the Handelsblatt newspaper that the German technology group is reviewing its majority stake in its medical technology unit.

BayWa surged 21% after the Munich-based trader of farming supplies and produce said it had reached a restructuring agreement with its major shareholders and financiers.

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