PARIS, January 11 (Reuters) – The main European stock markets rose at the start of the session on Tuesday, wiping out some of the losses from the previous session pending the hearing of Jerome Powell, the chairman of the Federal Reserve, in the Senate which could give indications on the monetary policy of the American institution.
In Paris, the CAC 40 gained 0.87% to 7,177.97 points around 08:55 GMT. In London, the FTSE 100 takes 0.19% and in Frankfurt, the Dax is up 0.89%. The EuroStoxx 50 index is up 0.9%, the FTSEurofirst 300 0.65% and the Stoxx 600 0.7%. On Monday, European markets again ended in the red due to uncertainties related to inflation and the expected monetary tightening in the United States in particular, which pushed government bond yields up.
These considerations should continue as the hearing, at 15:00 GMT, of Fed Chairman Jerome Powell looms before the Senate Banking Committee with a view to his reappointment as head of the institution and the publication on Wednesday of the consumer price index in the United States. In the statement drafted for the occasion, Jerome Powell pledged to prevent higher inflation from setting in without explicitly mentioning the Fed’s rate plans.
On the stock market, the European technology sector has recovered 1.69% after losing nearly 8% over the seven sessions. Capgemini posted a gain of 2.4%, among the largest increases in the CAC 40, supported by a board of Jefferies to buy. In contrast, TechnipFMC sells 7.49%, the oil services group having announced its withdrawal from the Paris listing at the end of the February 17 meeting and the sale of around 5% of Technip Energies’ capital. The latter, which will buy back 1.8 million of its own shares, takes 6.59%.
In Frankfurt, the specialist in the delivery of meals Delivery Hero jumped 4.61% after announcing that it should reach the breakeven point in the second half and its competitor HelloFresh takes 2.4% after the announcement of a program share buybacks of up to € 250 million. Nokia advance 2.17% after announcing that it is expected to exceed its annual profit target. Aperam climbs 4.03% as Deutsche Bank resumed “buy” hedging. (Laetitia Volga, edited by Blandine Hénault)