PARIS (Reuters) – The main European stock markets lost ground at the start of the session on Monday, in markets which consolidated after a sharp increase last week.
In Paris, the CAC 40 lost 0.55% to 7,347.84 points at 07:48 GMT. In London, the FTSE 100 lost 0.36% and in Frankfurt, the Dax fell 0.60%.
The EuroStoxx 50 index is down 0.37%, the FTSEurofirst 300 0.49% and the Stoxx 600 0.54%.
The broad European Stoxx 600 index and the Parisian market posted their best weekly performance in two months last week.
Apart from the meeting during the day between US Secretary of State Antony Blinken and Chinese President Xi Jinping, which investors will follow closely, the session should remain calm, especially since US markets are closed for a holiday in the States. United States and that the macroeconomic agenda is sparse.
The main highlight expected in the coming days will be the first day of the Federal Reserve Chairman’s hearing in Congress on Wednesday. Citi strategists expect Jerome Powell to take the opportunity to hammer home the “hawkish” message launched last week, despite the status quo decided by the central bank.
On Friday, two officials of the institution recalled that inflation remained very high, calming hopes of a rapid end to US rate hikes.
The Bank of England holds its monetary policy meeting on Thursday and a quarter point rate hike is widely expected.
In values, Airbus gained 0.91%, several sources having reported advanced discussions for a large order of Viva Aerobus. Getlink takes 3.1%, supported by Morgan Stanley’s move to “overweight”.
Vinci yields 3.93% and Eiffage 4.81%. According to information from Les Echos, the Council of State has issued an opinion paving the way for an increase in the taxation of motorway companies and other State concessions.
Pharmaceutical equipment maker Sartorius Stedim Biotech fell 13.60% after revising its full-year revenue and EBITDA margin forecasts, due to weak demand momentum.
(Laetitia Volga, editing by Kate Entringer)
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