European Shares Edge Lower Before Year-end

(RTTNews) - European stocks were moving lower in cautious trade on Monday after all three major U.S. averages sold off Friday, thwarting the seasonal Santa Claus rally on concerns about rising bond yields.

Traders also braced for the New Year holiday, with several regional markets set to close early on Tuesday.

Over the weekend, European Central Bank Governing Council member Robert Holzmann told Austrian newspaper Kurier that the ECB may delay its next interest rate cut due to a recent increase in inflation.

In Italy, the Senate on Saturday passed the government's deficit-cutting 2025 budget that is focussed on tax cuts and debt control measures.

Elsewhere in France, the country's new finance minister said in a newspaper interview that the delayed 2025 budget bill will target a deficit of slightly above 5 percent in order to protect growth.

The pan European STOXX 600 was down 0.3 percent at 505.60 but was still on course for a 6 percent annual gain.

The German DAX, France's CAC 40 and the U.K.'s FTSE 100 were down between 0.1 percent and 0.3 percent.

Italy's Eni rose half a percent after the energy major said it started production of phase two at its Baleine oil field, offshore Ivory Coast.

Novartis AG was little changed after announcing positive results from Phase III STEER study evaluating intrathecal onasemnogene abeparvovec.

Siemens Healthineers fell more than 1 percent after Siemens AG's Chief Financial Officer Ralf Thomas told the Handelsblatt newspaper that the company is reviewing its majority stake in medical technology subsidiary.

BayWa jumped 13 percent after the renewables firm announced plans to reduce its employees to 1500 by the end of 2027 from 4250 now as part of a restructuring.

China-related LVMH, Hermes International and Kering all were moving lower ahead of Chinese manufacturing PMI data due on Tuesday.

Shares of aerospace company Rolls-Royce Holding fell about 1 percent in London.

South Korea's transport ministry said it was "reviewing plans to conduct a special inspection on (Boeing) B737-800 aircraft" after a flight from Bangkok to Muan International Airport in South Korea crash landed, killing 179 of 181 people on board.