PARIS, April 19 (Reuters) – Major European stocks fell in early trading on Tuesday as a more pessimistic outlook for global growth, the war in Ukraine and the expected tightening of monetary policies weigh on equity markets after the long week-end. end of Easter.
In Paris, the CAC 40 lost 0.86% to 6,532.65 points at 07:52 GMT. In London, the FTSE 100 lost 0.25% and in Frankfurt, the Dax fell 0.69%. The EuroStoxx 50 index is down 0.85%, the FTSEurofirst 300 1.1% and the Stoxx 600 0.93%. European markets ended higher on Thursday after the meeting of the European Central Bank which gave no new precise indication on the tightening of its monetary policy.
But fears of a slowdown in economic growth and lasting inflation against a backdrop of war in Ukraine and monetary tightening in the United States are leading investors to limit risk taking. With the expected impact of Russia’s invasion of Ukraine, the World Bank cut its global growth forecast for this year by almost a percentage point, to 3.2% from 4.1%.
On the stock market, L’Oréal, the global cosmetics giant, (-3.39%) suffered clearances ahead of the publication of its quarterly turnover on Tuesday after the close. Reinsurer Scor lost 3.62% after warning that its first quarter results would be impacted by the Russian invasion of Ukraine. Elior lost 2.33% after Deutsche Bank’s recommendation to “hold” fell, while Carrefour (+2.48%) benefited from the move to buy Berenberg. Virbac climbed 9.35%, the animal health specialist having published an increase in turnover in the first quarter and raised its annual turnover growth target. At sector level, the Stoxx index of basic resources (+0.95%) posted one of the best performances thanks to the rise in the prices of industrial metals after the announcement by China of new support measures for the activity.
(Laetitia Volga, edited by Bertrand Boucey)