Former Paris Stock Exchange
PARIS (Reuters) – The main European stock markets are moving in small variations on Friday morning in a context of caution after five sessions in a row in the green while several company results have also been published in Europe and that the major banks are expected before the opening of Wall Street.
In Paris, the CAC 40 took 0.20% to 7,384.67 points around 07:30 GMT. In London, the FTSE 100 is stable and in Frankfurt, the Dax fell by 0.15%.
The EuroStoxx 50 index is up 0.06%, the FTSEurofirst 300 0.05% and the Stoxx 600 0.04%.
Over the week as a whole, the CAC 40 has gained 3.86% at this stage and the Stoxx 600 3.05%. If this trend continues, it will be the best weekly performance for the flagship pan-European index since the end of March.
Futures contracts on Wall Street predict a drop of 0.16% for the Dow Jones, 0.10% for the Standard & Poor’s 500 and 0.01% for the Nasdaq in the aftermath of a rising session. Yesterday’s session was supported by confirmation of slowing inflationary pressures in the US in the light of the monthly Consumer Price (CPI) and Producer Price (PPI) data for the month of June.
Investors are now focused on the results of the second quarter of companies, the kickoff of which will be given unofficially in the United States this afternoon by the major Wall Street banks such as JPMorgan, Citi and Wells Fargo.
According to Refinitiv data, second-quarter earnings for S&P-500 companies are expected to decline 6.4% year-on-year.
In Europe, telecoms equipment manufacturers Nokia and Ericsson lost 6.88% and 5.81% respectively after the publication of their financial accounts marked for the first by a lowering of its annual outlook and for the second by a plunge of 62% of its quarterly profit.
In London, the luxury group Burberry grabbed 0.23% after publishing like-for-like sales in the first quarter up 18%, but without surprise.
In Paris, Vallourec jumped 5.18% following the group’s announcement of an increase in its EBITDA target for the second quarter and a forecast reduction in net debt in the second half.
(Written by Claude Chendjou, edited by Kate Entringer)