Stoxx 600 to post second straight positive year

12/31/24 • 25 min

European equities are largely flat in the holiday-shortened session but the Stoxx 600 is set to deliver a second year in the green for the first time since 2015. The U.S. Treasury Department claims Chinese hackers have stolen documents in a major cyber breach. Beijing has said the allegations were smear tactics. Growth in China slows in December but President Xi Jinping said the country remains on track to hit its 5 per cent target for the year. And Chinese toy company Bloks Group is set to float on the Hong Kong Exchange in a listing that could be worth $188m.

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175 dead in South Korea air disaster

The Jeju Air disaster becomes South Korea’s worst air disaster in history with Boeing shares opening lower on the Frankfurt bourse. European equities follow Wall Street with every sector opening in the red. The Stoxx 600, however is still on track to end the year positively for a second straight time. In Japan, the Nikkei rises almost 20 per cent on the year while South Korea’s KOSPI posts its longest monthly losing streak since 2008. Condolences flood in for former U.S. President Jimmy Carter who has passed away aged 100.

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U.S. on high security alert following truck attacks

The U.S. is on high alert as the new year begins with a terror attack involving a pick-up truck ramming into revellers in New Orleans, killing 15 people and injuring dozens more. Hours later, a Tesla Cybertruck explodes outside the Trump Tower hotel in Las Vegas, killing the driver. Asian markets are mostly in the red with investors looking forward to a second Donald Trump presidency and a potentially more hawkish Federal Reserve. New Chinese export orders are down once more ahead of expected U.S. tariffs later this month. And in energy news, Kyiv refuses to renew a gas transit deal for Russian gas flowing into Europe.

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