(CercleFinance.com) – A bearish breath hit the European stock markets this morning, where Frankfurt, Paris and London fell between 1.3 and 1.5%, the day after a session that saw Wall Street end in red (-1.1% for the S&P and -1.3% for the Nasdaq), which did not reassure investors.
‘The debt ceiling debate continued to show signs of trouble. Both Joe Biden and Kevin McCarthy were optimistic about a final solution, but the stalemate drove the market down,” Wells Fargo said.
In addition to fears about the US debt ceiling, investors did not appreciate Tuesday the composite PMI indices published during the session, that of France having thus fallen by one point to 51.4 for the current month. .
No macroeconomic data is expected today in France, but during the morning, we became aware of inflation figures in the United Kingdom for the last month.
The UK’s Consumer Price Index (CPI) rose 8.7% in the 12 months to April 2023, a sharply lower annual rate from 10, 1% observed in March, according to the national statistics office.
Still on the statistical front, reflecting a clear cooling of the business climate in Germany, the Ifo index fell to 91.7 points in May, against 93.4 points in April, its first drop after six consecutive monthly increases.
‘This development was driven by much more pessimistic expectations. However, companies were also somewhat less satisfied with their current operations. The German economy is skeptical about the summer, ”says the research institute.
In securities news, Holcim reports on the acquisition of Besblock, touted as a leading supplier of precast materials to the UK Midlands construction industry, with two manufacturing plants in Telford.
Marks & Spencer today announced its annual results for the year ended April 1. The company posted profit before tax and adjusting items down 7.8% to 482 million pounds, lower than the 523 million pounds posted in 2021/22.
In addition, Kingfisher reported a turnover of 3.3 billion pounds sterling, (+0.8%, published and -2.0% at constant exchange rates) for the 1st quarter. Like-for-like sales growth was -3.3% including a calendar impact of -0.5%.
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