European shares fell on Friday after a mixed trading session in Asia, as mainland Chinese markets extended their losses for the first week of the new year.

Germany's DAX shed 0.3% to 19,967.34 and the CAC 40 in Paris lost 0.7% to 7,345.59. Britain's FTSE 100 edged 0.1% lower, to 8,256.98.

Wall Street expects corporate profits to have surged in 2024 and forecasts an even stronger jump for 2025.

Companies still face a long list of uncertainties in the year ahead, including economic policy shifts, reheated inflation and shifts in the jobs market and consumer spending.

Ukraine on Wednesday halted Russian gas supplies to European customers that pass through the country, almost three years into Moscow's all-out invasion of its neighbor, after a prewar transit deal expired.

Ukraine's energy minister, Herman Halushchenko, confirmed on Wednesday morning that Kyiv had stopped the gas flows "in the interest of national security."

Turkey is prepared to export electricity to Lebanon and Syria to assist them in addressing power shortages, Turkey’s energy minister said, adding that a Turkish delegation was already in Damascus to evaluate Syria’s energy infrastructure.

Energy and Natural Resources Minister Alparslan Bayraktar also said Monday that the Turkish delegation included experts who would be assessing how Syria’s oil and natural gas could be used to improve the economy.

Global shares retreated Monday in thin trading as the year was drawing to a close without the euphoria that pushed many world markets to record highs in 2024.

The holidays are meant to be a time of celebration with family and friends. But they can also bring pressure to spend money on gifts, gatherings and plane tickets home, exacerbated by brand emails, social media influencers and family expectations.

With credit card debt rising and prices for many items still high due to inflation, overspending during the holiday season can add to the financial stress many Americans are already experiencing, said Dr. Marketa Wills, CEO and medical director of the American Psychiatric Association.

Turkey's central bank lowered its key interest rate by 2.5 percentage points to 47.5% on Thursday, carrying out its first rate cut in nearly two years as it tries to control soaring inflation.

Citing slowing inflation, the bank's Monetary Policy Committee said it was reducing its one-week repo rate to 47.5% from the current 50%.

The British economy flatlined in the third quarter of the year, according to downwardly revised official figures Monday, in another blow to the new Labour government that has made growth its number one mission.

In its latest revision of the July to September period, the Office for National Statistics said the British economy showed no growth against the previous estimate of 0.1%.

Japanese automakers Honda and Nissan have announced plans to work toward a merger, forming the world's third-largest automaker by sales as the industry undergoes dramatic changes in its transition away from fossil fuels.

The two companies said they had signed a memorandum of understanding on Monday and that smaller Nissan alliance member Mitsubishi Motors also had agreed to join the talks on integrating their businesses.

The smooth economy that Donald Trump was poised to inherit suddenly looks a bit rockier — with critics saying the president-elect is contributing to the uncertainty.

The Dow Jones stock index essentially ended Thursday flat after having posted 10 days of losses. The Federal Reserve now sees inflation as staying stubbornly elevated as it has become cautious about further interest rate cuts planned for next year.