PARIS, Sept 6 (Reuters) – Major European stock markets rose at the start of trading on Tuesday, supported by the prospect of a higher open on Wall Street, which temporarily took precedence over fears linked to the energy crisis and the risk of recession.
In Paris, the CAC 40 gained 0.35% to 6,114.29 points at 07:45 GMT. In London, the FTSE 100 takes 0.48% and in Frankfurt, the Dax advances by 0.62%. The EuroStoxx 50 index is up 0.44%, the FTSEurofirst 300 0.61% and the Stoxx 600 0.44%. Futures contracts on the major US indices are currently pointing to a rebound of 0.7% to 1% after the decline caused by mixed employment statistics on Friday.
This prospect prevails for the moment on the tensions linked to the surge in energy prices and on the announcement of a sharper than expected drop in industrial orders in Germany, the latest index to date. the deterioration of the economic situation. Leading the rises, the distribution compartment is benefiting from the progression of British stocks in the sector such as Marks & Spencer (+6.03%), driven by the hope that the new British Prime Minister, Liz Truss, will quickly announce stimulus measures.
Down, the Stoxx energy index dropped 1.03% with the fall in the price of Brent. In corporate news, Volkswagen gained 3.09% and Porsche Holding 0.84% after the official launch of the proposed IPO of the Porsche brand, which would be one of the biggest European IPOs in recent years. In Paris, Renault takes 2.29%, the best performance of the CAC 40. The rest of the session will be animated among other things by the publication at 2:00 p.m. GMT of the ISM services index in the United States.
(Written by Marc Angrand)