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European markets close lower, extending negative start to 2024

Karen Gilchrist
Holly Ellyatt

This is CNBC's live blog covering European markets.

European markets retreated on Tuesday, reversing earlier gains and extending their gloomy start to the new trading year.

European markets


The Stoxx 600 index provisionally closed 0.17% lower, with most sectors and major bourses in negative territory.

Mining stocks led the losses, down 1.35%, while health-care stocks ticked 0.69% higher.

Global investors are looking ahead this week to the release of the latest U.S. inflation data and big bank earnings for further clues on the state of the economy, and the path of rate cuts from the Federal Reserve.

December's consumer price index is due to be released Thursday, while the producer price index is due out on Friday. 

U.S. stocks fell Tuesday morning, after the major averages popped to start the week. Conversely, Asia-Pacific markets rose across the board Tuesday, rebounding from a sell-off in the previous session.

Europe stocks close slightly lower

European stocks were back in the red on Tuesday, with the Stoxx 600 index dipping 0.17%.

France's CAC 40 fell 0.32% while the U.K.'s FTSE 100 and Germany's DAX were down 0.13% and 0.17%, respectively.

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Stoxx 600 index.

— Jenni Reid

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U.S. stocks open lower on Tuesday

Here's how the major indexes opened:

  • The S&P 500 lost 0.6%.
  • The Dow Jones Industrial Average lost more than 200 points, dropping 0.7% at the open.
  • The tech-heavy Nasdaq Composite edged lower by 0.6%.

— Pia Singh

Stocks on the move: Grifols down 26%, Nexans up 3%

Spanish drugmaker Grifols was down 26.8% Tuesday, mitigating some earlier losses after hedge fund Gotham City Research alleged that the company's debt ratios are roughly double those officially reported.

On the other end of the Stoxx 600, French cable company Nexans was up 3.2% after receiving a "buy" rating from Berenberg.

— Karen Gilchrist

Volkswagen brand sales up 6.7% in 2023

German carmaker Volkswagen presents its new electric ID. 2all model, an electric vehicle that costs less than 25,000 euros, in Hamburg, Germany, March 15, 2023.
Fabian Bimmer | Reuters

Deliveries of Volkswagen brand vehicles climbed 6.7% year on year in 2023 to 4.87 million, the company announced Tuesday, exceeding 2022 figures in all regions.

Sales of the German carmaker's all-electric vehicles jumped 21.1% to roughly 394,000 units.

"The delivery figures show that we are on the right track as a brand and that our cars are well received by our customers," said Imelda Labbé, Volkswagen board member for sales, marketing and after sales.

"We expect the market environment to remain challenging in 2024. But with our revised and attractive product portfolio, we are in the right position."

— Elliot Smith

German industrial output drops unexpectedly in November

German industrial production unexpectedly fell in November compared to the previous month, the federal statistics office said on Tuesday.

Output fell 0.7% compared with the previous month, seasonally and on a calendar-adjusted basis, from an upwardly revised 0.3% decline in October.

The contraction marks the sixth monthly decline in a row.

— Karen Gilchrist

CNBC Pro: As AI demand picks up, BofA expects 3 key suppliers' stocks to soar

Stocks within the artificial intelligence theme have been getting a lot of love from analysts recently — including those at Bank of America.

In a Jan. 2 note, the investment bank highlighted opportunities among what it calls "key AI suppliers," naming its top stock picks with significant upside potential right now.

CNBC Pro subscribers can read more here.

— Amala Balakrishner

CNBC Pro: 'One of the best valuations for AI': Buy the dip in this Big Tech stock, strategist says

Nvidia has been an investor favorite when it comes to artificial intelligence.

But other tech companies have also been busy building up their capabilities in the area — and one of them has been underappreciated by the market, according to one strategist.

"But if you do get downside, if you see more weakness from what we had in the first half of the year, continue building a position because this is a high quality name with a fortress balance sheet," he said.

CNBC Pro subscribers can read more here.

— Weizhen Tan

CNBC Pro: Morgan Stanley names its 'most preferred' European internet stocks — and gives one 70% upside

Internet stocks in Europe are set for gains in 2024 — thanks to improving fundamentals and falling interest rates, according to Morgan Stanley.

The Wall Street bank's analysts said they're "positive on the sector" because of customer growth, cost discipline at companies, and valuations being supported by declining interest rates.

CNBC Pro subscribers can read more about the investment bank's stock picks here.

— Ganesh Rao

European markets: Here are the opening calls

European markets are expected to open higher Thursday.

The U.K.'s FTSE 100 index is expected to open 22 points higher at 8,442, Germany's DAX up 26 points at 18,896, France's CAC 7 points higher at 8,244 and Italy's FTSE MIB up 64 points at 35,091, according to data from IG.

Earnings are due from Swiss Re, Zurich Insurance, Siemens, Deutsche Telekom, BT and EasyJet, among others. There are no major data releases.

— Holly Ellyatt