Europe: Europe progresses with oil companies, Wall Street closed

PARIS (Reuters) – The main European stock markets are up at the start of the session on Monday, driven by oil stocks, although uncertainties about the economic outlook remain.

The session should remain sluggish in the absence of American investors, Wall Street being closed for the national holiday celebrating the independence of the United States.

In Paris, the CAC 40 gained 0.67% to 5,970.98 points around 07:35 GMT. In London, the FTSE 100 takes 1.07% and in Frankfurt, the Dax advances by 0.19%.

The EuroStoxx 50 index is up 0.28%, the FTSEurofirst 300 0.79% and the Stoxx 600 0.71%.

The week ahead will see the Federal Reserve release the minutes of its latest monetary policy meeting, which approved a three-quarter point hike in its main interest rate, its biggest hike since 1994.

The tightening of monetary policies by central banks in the face of inflation and its impact on growth remain the main sources of concern for the stock markets.

“While the most likely scenario in our view remains a soft landing, markets in the second half of the year are likely to remain volatile and trade on hopes and fears for economic growth and inflation,” analysts said. UBS.

Investors are also planning on the publication on Friday of the monthly report on American employment and on the earnings season, which will begin in ten days with American banks.

In the meantime, they will see the monthly Eurozone producer price figures at 09:00 GMT.

On the stock market, the energy compartment (3.09%) posted the strongest sectoral growth with the rise in oil prices. Shell, TotalEnergies and BP take from 3.14% to 3.72%.

(Written by Laetitia Volga, Editing by Kate Entringer)

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