Stock market Europe closed a calm session higher

PARIS (Reuters) – European markets ended in the green on Tuesday, driven by the results during a week poor in macroeconomic data.

In Paris, the CAC 40 gained 0.99% to 8,075.68 points, while the German Dax increased by 1.45% and the British Footsie by 1.22%.

The EuroStoxx 50 index ended the session with an increase of 1.19%, compared to 1.22% for the FTSEurofirst 300 and 1.15% for the Stoxx 600.

Investors focused on corporate news in the absence of important indicators or monetary policy events. Data released Tuesday showed that exports rebounded in Germany in March, but the pattern remained fragile while industrial orders fell more than expected in March.

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The week will be calm, while May 8 and 9 are public holidays in several European countries. No key indicator is expected in the coming days, and only the Bank of England meeting on Thursday could stimulate trade.

The publication of the CPI inflation in the United States on May 15 will constitute the next test for the markets buoyed by the last meeting of the Federal Reserve and the American employment report for April, which raise hopes that monetary policy will be eased this year and inflationary pressures will dissipate across the Atlantic.

Comments on Tuesday from Minneapolis Federal Reserve President Neel Kashkari, who feared that the Fed’s monetary policy was not sufficiently restrictive, were not enough to worry investors.

A WALL STREET

Wall Street is moving cautiously, with markets consolidating in the absence of macroeconomic data, and while the latest results have been mixed.

At closing time in Europe, trading on the New York Stock Exchange indicated an increase of 0.15% for the Dow Jones, compared to 0.2% for the Standard & Poor’s 500, and 0.24% for the Nasdaq Composite.

VALUES

Emmanuel Macron welcomed Monday evening the “open” attitude of Chinese President Xi Jinping regarding the dispute over French cognac, which pushed Rémy Cointreau and Pernod Ricard forward by 5.84% and 2.72% respectively. .

Bouygues reported a quarterly result lower than consensus, and fell 1.27%.

Zalando returned to growth in the first quarter, the retailer announced on Tuesday, which grew by 8.67%.

Solvay reported on Tuesday a smaller than expected drop in its operating profit for the first quarter, and soared by 14.69%.

UBS on Tuesday reported net income of $1.8 billion (1.67 billion euros) for the January-March period, its first quarterly profit since the Credit Suisse takeover, and jumped 8, 23%.

The financial services sector strengthened by 2.62%, while banking stocks strengthened: Société Générale and BNP Paribas gained 2.46% and 2.04% respectively.

German chipmaker Infineon said on Tuesday it was launching a cost-cutting program and reported second-quarter revenue of 3.63 billion euros, slightly above forecasts, making climb the group by 12.65%.

RATE

Long yields are showing sharp declines as investors position themselves for an easing of monetary policies this year.

At the close of the European interest rate markets, the ten-year Treasury yield fell by 6.3 bp to 4.4326%, compared to 1.2 bp for the two-year rate, to 4.8115%.

The German ten-year yield fell by 5.6 bp to 2.422%, while that of the two-year rate fell 1.2 bp to 2.904%.

CHANGES

The dollar is up slightly in the absence of catalysts.

The dollar gained 0.08% against a basket of reference currencies, while the euro advanced 0.04% to 1.0772 dollars. The pound sterling eroded by 0.16% to 1.2541 dollars.

OIL

Crude prices are falling despite the Israeli offensive in Rafah, under pressure from a stronger dollar while markets fear that American inflation will prove more persistent than expected.

Brent fell by 0.42% to $82.98 per barrel, American light crude (West Texas Intermediate, WTI) decreased by 0.33% to $78.22.

(Written by Corentin Chappron, edited by Jean-Stéphane Brosse)