Market Report: soft trading across global markets as the final days of 2024 begin

• European markets set for soft open
• US weakness with yearly gains already in the bag
• Oversupply fuels oil price concerns for 2025

Matt Britzman, senior equity researcher, Hargreaves Lansdown:

“European markets are set to open lower, with a quiet week ahead offering little in the way of economic data or corporate news to drive sentiment. The FTSE 100, up 5.5% year-to-date, appears on course to end the year in positive territory despite what looks like a softer open this morning. But, yet again, UK performance pales in comparison to returns seen in tech-dominated markets across the pond.

USstock futures dipped on Monday as Wall Street gears up for the final trading week of the year, with 2024’s gains pretty much in the bag. The surging S&P 500 and Nasdaq underscore the market’s tech-fuelled triumph, though last Friday’s sell-off, triggered by climbing Treasury yields, was a sobering reminder of lingering rate concerns. Adding to the mix, Treasury Secretary Yellen’s debt ceiling warning and upcoming economic data may keep traders on edge as the year comes to an end.

Brent crude oil hovers just below $73.8 per barrel in thin trading this morning, as markets grappled