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PARIS (Reuters) – The main European stock markets are moving up slightly on Friday morning, trying to end a third session in a row in the green for the last session of a week of improvement in the financial markets linked mainly to the ebb of fears on interest rates.
Around 09:50 GMT, the Parisian CAC 40 took 0.43% to 7,005.63, a little more above the threshold of 7,000 points crossed Thursday in session for the first time since February 2022, before the outbreak of war in Ukraine.
In London, the FTSE 100 advanced by 0.59% and in Frankfurt, the Dax gleaned 0.02%, its gains being limited by the fall in the automobile compartment.
The EuroStoxx 50 index and the FTSEurofirst 300 each rose by 0.39%, while the Stoxx 600 advanced by 0.4%.
Over the week as a whole, the CAC 40 has gained 2.18% at this stage and the Stoxx 600 1.75%, the two indices heading for a second consecutive week of gains.
Futures contracts on Wall Street, which are underperforming European indices, are currently down 0.07% for the Dow Jones, 0.1% for the Standard & Poor’s 500 and 0.15% for the Nasdaq. The latter, which is at a one-month high, however ended Thursday on a fifth consecutive session in the green.
Risk appetite in the markets is stimulated by the slowdown in inflation in both Europe and the United States. Consumer prices (CPI) in the United States even fell at a monthly rate for the first time since May 2020, while in France INSEE confirmed on Friday that this index had decelerated in December to 5.9%. over a year.
In terms of economic conditions, Eurozone industrial production figures are due at 10:00 GMT, while data released by the ONS on Friday showed Britain’s gross domestic product rose by 0.1 % in November compared to October, removing the specter of a technical recession in the fourth quarter of 2022.
The rest of the session could be animated by the results of American financial groups such as Wells Fargo, Citigroup, Bank of America, JPMorgan or even BlackRock.
In Europe, the defensive compartment of health (+0.89%) is in the lead with in particular Nordisk and Roche Holding which gain respectively 1.77% and 1.57%.
On the other hand, that of the automobile (-1.83%) shows the largest drop. Tesla decided on Thursday to reduce the prices of some of its models in the United States and Europe, which underlines the fragility of demand and could provoke a price war in the sector.
Renault lost 3.82%, Stellantis 2.38% and Volkswagen 2.84%.
In other sectors, Air France-KLM jumped 7.12% after Davy Research’s recommendation was raised to “neutral” on the air transport group, while Bouygues (-2.75%) suffered from the downgrading of Morgan Stanley’s recommendation to “underweight”.
(Written by Claude Chendjou, edited by Blandine Hénault)
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