Europe stocks open lower; French stocks slide after Moody’s credit downgrade; Broadcaster Canal+ lists in London

European markets opened lower Monday, as traders gear up for a final week of central bank action.

The regional Stoxx 600 index opened 0.09% lower, with travel stocks leading losses. France’s CAC 40 index dropped 0.36% as investors assessed credit rating agency Moody’s surprise Saturday decision to downgrade the country’s score to Aa3, from Aa2 previously. The agency said French public finances would be weakened in the coming years by ongoing political instability.

On Friday, Francois Bayrou was named as France’s fourth prime minister this year.

Entities formerly part of French media conglomerate Vivendi are listing in Europe. French broadcaster Canal+ is debuting in London, advertising and PR firm Havas in Amsterdam, and publishers Louis Hachette Group in Paris.

In Europe Monday, investors will be keeping an eye on Berlin where a vote of confidence will take place in parliament Monday. Chancellor Olaf Scholz is expected to call on the German parliament today to declare it has no confidence in him in order for snap polls to take place in February. The move comes after his governing coalition collapsed last month.

Beyond that, the U.S. Federal Reserve’s monetary policy meeting on Dec. 18 stateside is front and center for global markets this week, with the CME Fedwatch tool forecasting a 96% chance of a 25-basis-point cut by the central bank. Traders will be paying close attention to the updated policy statement and Fed Chair Jerome Powell’s press conference for clues about the trajectory for interest rates.

The Bank of England meets on Dec. 19, with markets so far pricing in only a slim chance of a final rate cut of the year.