(CercleFinance.com) – European stock markets posted moderate gains (+0.3% in London and Paris, +0.1% in Frankfurt), a few hours before the verdict of the American Federal Reserve on its key rates, at the outcome of the meeting of its monetary policy committee (FOMC).
Due to this meeting, operators were attentive on Tuesday to the inflation figures for November in the United States, figures which came out in line with expectations with an annual rate of 3.1% in raw data and 4% in underlying data.
‘Given these trends, it is unlikely that the Federal Reserve will raise interest rates again. However, a rate cut is also not realistic before mid-2024,’ Commerzbank responded.
The consensus among economists is broadly for a status quo by the Fed on its key rates this evening, but investors now expect rate cuts of more than 100 basis points by the end of next year, according to Olivier Dubs.
‘It will be important to see to what extent the ‘dot plot’ and the press conference on Wednesday December 13 will decide on the timetable and extent of these potential reductions,’ warns this senior manager at JP Morgan Banque Privée.
On this side of the Atlantic, we note that industrial production in the euro zone decreased by 0.7% in October 2023 compared to the previous month, while that of the United Kingdom fell by 0. 8%.
In stock news, the shares of the chemical groups BASF (+4% in Frankfurt) and Arkema (+5% in Paris) are on the rise, both supported by upgrades to ‘buy’ recommendations at UBS .
Inditex gained 1% in Madrid after the publication by the textile group, owner in particular of the Zara brand, of a net result up by almost a third for the first nine months of its financial year.
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