‍The pan-European Stoxx 600 index was down 0.7% in early afternoon trade. Data published in the morning showed that the euro zone economy grew by 0.1% in the last quarter of 2022. This was better than what analysts had estimated, which was a 0.1% contraction. However, it still represents a slowdown from the 0.3% growth that was seen in the third quarter.

After Russian troops invaded Ukraine in February 2022, companies across the G-7 major economies and the European Union announced plans to cease business operations in Russia. This decision was made in response to the Russian government's actions, which were deemed to be in violation of international law.

Semiconductor shares in Asia fell after South Korean chipmaker Samsung Electronics reported its biggest profit drop since the third quarter of 2014.‍Its fourth quarter operating profit fell to 4.31 trillion won ($3.4 billion) — a 69% drop from the same period a year ago. This is a significant decrease from the 13.87 trillion won it made in profit during the same quarter last year.‍

European markets closed lower on Monday as investors focused on the next U.S. Federal Reserve meeting, which begins on Tuesday.

If you're a Medicare beneficiary enrolled in an Advantage Plan, now's the time to reassess your 2023 coverage to see if it's still a good fit.