European markets closed lower on Monday, with the Stoxx 600 index dropping 0.48% as most sectors, notably technology and media, experienced losses. Oil and gas stocks gained amid reduced trading as the New Year holiday approaches. European stocks have risen about 5.5% this year, lagging behind the U.S. S&P 500’s 25% increase. In Asia, mixed stock performance followed political turbulence in South Korea, compounded by the Jeju Air crash impacting airline shares. In economic news, Spain’s December inflation rose to 2.8%, exceeding forecasts, prompting discussions on the European Central Bank’s rate-cutting strategy.
