European markets turned positive Monday, shaking off the negative sentiment seen at the start of trading in 2024.
The Stoxx 600 index closed 0.34% higher, having slumped during morning trade. Technology and retail stocks both rose 1.23% to lead gains.
Oil and gas stocks meanwhile dropped 1.55% after Saudi Arabia announced price cuts to customers in Asia, and Shell said its upcoming fourth-quarter results would contain impairment charges of up to $4.5 billion.
The pan-European index ended the session 0.3% lower Friday as stocks struggled to gain traction in the first trading week of the year.
Global investors will be looking ahead to U.S. inflation data and big bank earnings in the week ahead for further clues on the state of the economy and the path of rate cuts from the Federal Reserve.
The December consumer price index is set for release Thursday, while the producer price index is due out on Friday.
U.S. stocks opened near the flatline after the major averages kicked off 2024 with a downcast week.
Overnight, Asia-Pacific markets reversed early gains on Monday, with Hong Kong stocks leading losses in the region.
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