European Stocks Open Lower After Italy Approves Budget

London and Paris stock markets started trading on Monday, one day before the Christmas holiday, while the German DAX index closed. Both the FTSE 100 and the CAC40 will trade in a short trading session due to the Christmas holidays

Italian budget

The Italian Parliament adopted the budget agreement reached with Brussels with a deficit target of 2.04%. Over the weekend as the parliament voted to increase social spending pledged by the populist government amid opposition complaints that the process was hastily completed to meet a deadline set by the European Union.

The 200-page draft reached the Senate on Saturday, just hours before the scheduled vote and without proper scrutiny by the parliament's budget office, the Associated Press reported. Opposition MPs described the process, which they linked to passing by a vote of confidence in the government, as a "farce".

Macron turns the focus of internal protests abroad

In France, the "yellow jackets" protests in France weakened after President Emmanuel Macaron presented concessions to the movement. While Macron Trump criticized the withdrawal from Syria after the White House announced on Wednesday that it planned to withdraw US troops from Syria after Trump declared victory over a supporter.

Where French President Emmanuel Macaron criticized his US counterpart Donald Trump over the decision to withdraw US troops from Syria, saying that "an ally must be credible."

"I am very sorry for the decision that was made on Syria," McCron told a news conference on Sunday. "To be allies is to fight shoulder to shoulder, it is the most important thing for the head of state and the head of the army," he said. The French president also commented on the important work of the Kurdish forces, calling on everyone to "not forget what we owe them."

European stocks traded

  • The FTSE 100 was down 0.55% at 09:17 CET.
  • While the CAC 40 index fell 0.67%. Biomedical company Chery led London losses, falling 3.11%, with Publicis Groupe down 1.68%.
  • In Paris. The Euro Stoxx 50 index fell 0.40% in the red zone at the same time with the luxury LVMH by 1.60%.
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