(CercleFinance.com) – European stock markets vegetate close to their equilibrium (+0.3% in London, -0.1% in Frankfurt, +0.1% in Paris), against the backdrop of the announcement of a contraction stronger than expected in Germany’s GDP at the end of last year.
The German economy contracted by 0.4% in the fourth quarter of 2022, a more marked decline than in its first estimate (-0.2%) – of which analysts were on average expecting confirmation -, in particular under the effect of weak consumption.
‘In view of the tightening of monetary policies operated by the major central banks, we should not expect a significant recovery in activity during the course of this year’, reacted the teams of Commerzbank after these figures.
Another data of the morning, the confidence of French households remains almost stable in February according to INSEE, but their proportion considering that prices have increased over the last twelve months reached its highest level since 1977.
In stock market news, BASF slumped 6% in Frankfurt, after the chemist published a net loss for the past year due to heavy write-downs at Wintershall Dea, as well as the announcement of measures to cut costs in Europe.
International Airlines Group (IAG) is down nearly 5% in London, despite the Anglo-Spanish carrier returning to profit in 2022, ‘an expected return with the easing of travel restrictions’, according to Liberum.
Holcim is selling 1% to Zurich, the construction materials supplier having announced record results for 2022, but also the imminent departure of its chairman of the board of directors Beat Hess, after the AGM in May.
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