The headquarters of the Euronext trading platform in the La Défense business district
PARIS (Reuters) – The main European stock markets are trending lower on Monday morning amid caution ahead of the respective monetary policy meetings of the US Federal Reserve (Fed) and the European Central Bank (ECB), scheduled for this week, as the corporate earnings season continues and new economic indicators are expected, including PMI indices in Europe.
In Paris, the CAC 40 lost 0.28% to 7,412.11 points around 07:10 GMT. In London, the FTSE 100 dropped 0.23% and in Frankfurt, the Dax fell 0.21%. On the Madrid Stock Exchange, the Ibex 35 index fell 2.7% the day after legislative elections without a clear majority in the Spanish Parliament.
The EuroStoxx 50 index is down 0.38%, the FTSEurofirst 300 by 0.39% and the Stoxx 600 by 0.29%.
Futures on Wall Street point to a stable open for the Dow Jones and Standard & Poor’s 500, while the Nasdaq could gain 0.1% after a volatile Friday session marked by gains in the health care sector and pullbacks in new technologies.
Alphabet, Meta and Microsoft are due to publish their quarterly results this week, while the financial accounts of around thirty CAC 40 companies are also expected.
In terms of central banks, the Fed begins a two-day meeting on Tuesday, while the ECB will follow suit on Thursday and the Bank of Japan (BoJ) on Friday.
If a status quo is expected on the decisions of the BoJ, the hope of an imminent end to the rise in rates by the ECB and the Fed is in the minds of investors.
Before that, the monthly PMI figures expected from 07:15 GMT will have to confirm the slowdown in activity.
In values, the telecoms sector advanced by 0.66% while Vodafone (+ 3.64%) reported on Monday a 3.7% growth in its turnover in the first quarter, thanks to solid performances in Great Britain and a recovery in Germany, Italy and Spain. In Paris, Orange takes 0.65%.
In the air compartment, Ryanair dropped 4.7% after lowering its growth forecast for the number of passengers transported this year. Air France-KLM fell by 0.90%, while the European leisure and transport index fell by 0.69%.
(Written by Claude Chendjou, edited by Kate Entringer)