PARIS (Reuters) – The main European stock markets are moving in dispersed order but with small differences at the start of the session on Thursday, the offensive speeches of the major central bankers limiting risk taking.
In Paris, the CAC 40 gained 0.15% to 7,297.36 points around 07:45 GMT, supported by Renault’s clear progress.
In London, the FTSE 100 fell 0.22% and in Frankfurt, the Dax fell 0.04%.
The EuroStoxx 50 index gleans 0.01%. The FTSEurofirst 300 and the Stoxx 600 drop 0.06%.
With the exception of the Bank of Japan governor, central bankers at the ECB’s annual forum in Portugal adopted a “hawkish” tone, suggesting interest rates are likely to rise further.
This is again the message hammered home by Jerome Powell, Chairman of the Federal Reserve, in an intervention in Madrid.
“There’s really no surprise, which is why stock markets haven’t really fallen, even though the message is ‘hawkish’,” said Shane Oliver, chief economist at AMP.
Investors are now waiting at 12:00 GMT for the first estimate of June inflation in Germany ahead of Friday’s release of the US PCE price index.
As for values, Renault climbed 4.99% after announcing before the opening the upward revision of its annual forecasts thanks to demand for its new family models.
The luxury giant Kering (-0.59%) suffered on the other hand from a degradation of advice from HSBC to “keep” against “buy”.
At the SBF 120, Orpea, whose listing was suspended on Wednesday, dropped 16.56%. The restructuring plan of the heavily indebted group has been approved by a majority of the classes of affected parties and will soon be presented to justice.
The fall is even heavier for Casino, down 30.07%, after having warned its shareholders of a risk of massive dilution of their investment within the framework of the restructuring of its debt.
SES Imagotag shares jumped 12.03%, the specialist in electronic labels having mandated its advisers to alert the AMF to the numerous breaches of its regulations committed, according to it, by Gotham City Research, which accuses it of accounting manipulation.
Elsewhere in Europe, H&M gained 10.38% after posting higher-than-expected second-quarter profit.
(Laetitia Volga, editing by Kate Entringer)
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