European stock markets fell on Tuesday, changing course after having initially opened higher as traders bet on central banks cutting rates in 2024, while oil prices rose after a naval clash in the Red Sea. Global stock markets rose overall in 2023, having gained particularly in the last two months of the year, while bond yields fell. This upbeat market sentiment initially continued on Tuesday as traders returned from end-of-year holidays, with the pan-European STOXX 600 hitting its highest in nearly two years in early European trading. Euro zone bank stocks rose to their highest since 2018.
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