Europe: Europe opens hesitantly, supported by technology but under pressure from luxury

PARIS (Reuters) – European stock markets hesitate at opening on Wednesday after a burst of company results.

In Paris, the CAC 40 fell 0.27% to 8,084.2 points around 07:17 GMT, after Kering’s results. In Frankfurt, the Dax gained 0.28%, compared to 0.21% for the FTSE in London.

The pan-European FTSEurofirst 300 index advances by 0.21%, the EuroStoxx 50 by 0.16% and the Stoxx 600 is stable.

Futures on New York indices suggest an opening on Wall Street that is also mixed, with the Dow Jones expected to be stable, compared to an increase of 0.26% for the Standard & Poor’s 500 and 0.7% for the Nasdaq.

European markets welcomed the results of ASM International, which jumped more than 11% after reporting orders better than expected by consensus.

Conversely, Kering warned of a fall in its operating profit in the first half, which weighs on the group and puts pressure on luxury stocks.

The only indicator expected in the euro zone on Wednesday is that of the Ifo business climate in Germany, at 08:00 GMT.

In terms of values, securities linked to semiconductors benefit from the good results of ASM International, expected to rise by 13.8% before the opening. In France, Soitec gained 3.21%, compared to 4.90% for STMicroelectronics. The tech sector posted the best performance of the Stoxx 600 sectors, up 2.51%.

Kering fell by 9.42%, while LVMH and Hermes eroded by 0.86% and 0.38%.

(Written by Corentin Chappron, edited by Blandine Hénault)

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