PARIS (Reuters) – The main European stock markets are moving in the green in the first exchanges on Friday after five sessions in a row in the red linked to fears over rates, inflation and the deterioration of the economic situation, but the trend remains cautious while waiting for the monthly report on employment in the United States.
In Paris, the CAC 40 gained 0.62% to 6,071.80 points at 08:15 GMT. In London, the FTSE 100 takes 0.44% and in Frankfurt, the Dax gains 1.2%.
The EuroStoxx 50 index advanced by 0.73%, the FTSEurofirst 300 by 0.48% and the Stoxx 600 by 0.62%.
Over the week as a whole, however, the Parisian index is currently posting a loss of 3.14% and the pan-European Stoxx 600 is down 3.67% after both falling to a low since midday on Thursday. -July.
The Reuters consensus of the US jobs report, to be published at 12:30 GMT, forecasts 300,000 job creations in August after 528,000 the previous month, an unemployment rate unchanged at 3.5% and a slowdown in wage increases. average at 0.4% against a rise of 0.5% in July.
A strong job creation figure could comfort the US Federal Reserve (Fed) in its strategy of rapidly raising interest rates, especially since its chairman, Jerome Powell, warned last week that monetary tightening would take a long time. “some time” until inflation goes down.
“Markets globally continue to digest the Fed’s ‘whatever it takes’ to fight inflation and believe this will result in slower global economic growth,” wrote Tobin Gorey, director of strategy at Commonwealth Bank.
They are currently pricing a 75% chance of a third straight 75 basis point Fed rate hike this month versus a 69% chance the day before.
In the euro zone, a rise of the same magnitude is expected next week as the latest data on manufacturing activity in Europe showed a further contraction in August, a sign of an increased risk of recession.
On the Stoxx 600, the rebound primarily benefited the compartments that had suffered the most in previous sessions, such as the automotive sector (+1.79%), new technologies (+1.2%) and the energy (+1.03%).
The transport and leisure sector (+1.08%) is also in demand as Ryanair, up 0.25%, announced on Friday that it carried a record number of passengers in August for the fourth consecutive month, i.e. 16, 9 million people. Lufthansa rose 2.21%, despite a pilot strike on Friday which caused the cancellation of hundreds of flights, while easyJet took 1.69% and Air France-KLM 2.63%.
On the CAC 40, Air Liquide dropped 0.94% after the announcement of its withdrawal from Russia and the transfer of its activities to local managers.
The titles TF1 (+0.16%), Bouygues (+0.03%) and Vivendi (+0.65%) vary shortly after the announcement of the Canal+ group, a subsidiary of Vivendi, to no longer broadcast the channels in France free from the TF1 group, owned by Bouygues.
Elsewhere in Europe, Credit Suisse is ahead 2.69%, with a source telling Reuters the bank plans to cut around 5,000 jobs as part of its cost-cutting plan.
(Written by Claude Chendjou, edited by Matthieu Protard)