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European markets began the new trading week on an uncertain Monday with investors reassessing the economic outlook.

The pan-European Stoxx 600 was up 0.1% by mid-afternoon, with tech and mining stocks both adding 1.2%, while chemicals fell 1.1%.

Global markets have weighed in on the possibility that the Federal Reserve is gearing up to slow the pace of its inflation-fighting rate hikes after economic data showed a fall in wholesale prices and retail sales last week.

On Friday, Fed Governor Christopher Waller said he favors just a quarter-point hike on Feb. 1, when the central bank issues its next rate policy update. Waller also said rates are already high enough to slow the economy.

IMF chief executive Kristalina Georgieva said at the World Economic Forum on Friday that the global economic outlook is not as bad as feared a few months ago – “but less bad does not mean good.”

“We have to be careful,” she told a closing panel at the World Economic Forum in Davos, moderated by CNBC.

The Dow Jones opened higher Monday as investors weighed a potential Federal Reserve slowdown or pause and braced for a busy earnings week.

Stocks in Asia were higher overnight, but most markets in the region are closed for the Lunar New Year holiday, while markets in Shanghai are closed for the week.

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