[ad_1]
PARIS (Reuters) – The main European stock markets consolidated on Friday morning after the surge of optimism driven in recent days by the American Federal Reserve (Fed), which on Wednesday lowered its key rates by 50 basis points.
In Paris, the CAC 40 lost 0.35% to 7,589.13 points at around 07:20 GMT after a 2.29% increase on Thursday. In London, the FTSE 100 fell by 0.48% and in Frankfurt, the Dax lost 0.60%.
The EuroStoxx 50 index fell by 0.43% and the FTSEurofirst 300 by 0.31%. The Stoxx 600 declined by 0.32%, penalized in particular by profit-taking in luxury goods (-1.22%) and new technologies (-0.94%), so-called growth sectors which have recently benefited from the prospect of a sustained drop in borrowing costs.
Futures on Wall Street are predicting a drop of 0.09% for the Dow Jones, 0.18% for the Standard & Poor’s 500 and 0.25% for the Nasdaq the day after a record close for the first two indices.
Optimism in financial markets has been fueled in recent days by hopes of a soft landing for the US economy and a sustained pace of interest rate reductions by other central banks following the Fed’s lead.
However, after the status quo decided by the Bank of England (BoE) on Thursday, the Bank of Japan (BoJ) and the Chinese central bank also left their key rates unchanged on Friday.
In terms of daily indicators in Europe, producer prices (PPI) in Germany fell less than expected in August, with a contraction of 0.8% year-on-year, while retail sales in the United Kingdom rose more strongly than expected last month, by 2.5% year-on-year.
In corporate news, Alten lost 3.01% after again lowering its organic growth forecast for this year.
Mercedes-Benz, which also lowered its annual margin forecast for the second time in less than two months, plunged by 8.03%, dragging the entire European automotive sector (-3.59%) down with a drop of 3.2% for Volkswagen, 2.58% for Renault and 1.81% for Stellantis.
ASML fell 1.43%, with Morgan Stanley moving to “in line weighting” on the semiconductor specialist.
Novo Nordisk is up 0.80% after the European Medicines Agency approved Wegovy for use in treating obesity-related heart disease.
(Written by Claude Chendjou, edited by Nicolas Delame)
©2024 Thomson Reuters, all rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. “Reuters” and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.
[ad_2]
Source link -87