Europe rises cautiously before the Fed and under a rain of results

PARIS, July 27 (Reuters) – The main European stock markets are moving up slightly on Wednesday at the start of a session marked by the expectation of announcements from the United States Federal Reserve (Fed) while the corporate earnings season is in full swing. . In Paris, the CAC 40 gained 0.35% to 6,233.47 points around 08:05 GMT. In London, the FTSE 100 takes 0.53% and in Frankfurt, the Dax advances by 0.31%. The EuroStoxx 50 index is up 0.57%, the FTSEurofirst 300 0.5% and the Stoxx 600 0.47%. Markets expect the announcement of another 75 basis point rate hike when the Fed’s statement drops at 6:00 p.m. GMT and observers will be all ears when the institution’s chairman, Jerome Powell, takes the speech 30 minutes later. They will be watching for any hint of rate hikes to follow as the global economy shows signs of slowing. “The last thing the Fed wants to do now is let the market think it’s about to go into a ‘dovish’ turn despite mounting evidence of a slowing economy,” Michael commented. Hewson at CMC Markets. “It seems that many members of the Governing Council are determined to keep inflation under control until the problems start to arise and if that means unemployment starts to rise, so be it,” the official added. ‘analyst. The results animate the rating at the start of the session in Europe, investors reacting in particular to those of LVMH which yields 0.27% and Danone which grabs 0.35%, after their results. Michelin loses 5.08% after the drop in its half-year net profit in connection with its withdrawal from Russia and Eurofins Scientific loses 4.84% after its half-year results. After a lower opening, Atos climbed 9.35% while Worldline soared 12.94% and Elior 15.92% after their results. Elsewhere in Europe, Lloyds (+4.46%), UniCredit (+6.43%) and Reckitt (+3.92) are particularly well supported. The equipment manufacturer Adidas gives up 4.35% after lowering its annual profit target and Deutsche Bank loses 2.4% after showing little optimism on the prospects for the investment bank in 2022. Excluding results, M6 gives up 6 71% and TF1 4.11%, the investigation services of the Competition Authority having considered that the proposed merger between the two channels raised “significant competition problems”. (Written by Laetitia Volga, Editing by Kate Entringer)