(Reuters) – European stock markets fell slightly mid-session on Monday in the absence of major economic events, while American markets remained closed due to a public holiday. In Paris, the CAC 40 lost 0.28% to 7,746.78 around 11:47 GMT. In Frankfurt, the Dax fell by 0.34% and in London, the FTSE by 0.13%.
The pan-European FTSEurofirst 300 index gained 0.01%, but the eurozone’s EuroStoxx 50 lost 0.31% and the Stoxx 600 0.01%.
In the absence of indicators, European markets are still digesting the American data published last week, notably producer prices and consumer prices for January, which showed that inflationary pressures remain strong across the Atlantic, reducing hopes of a rapid reduction in interest rates by the Federal Reserve (Fed).
The French market is also affected by the revision of France’s GDP growth forecast for 2024, from 1.4% to 1%,
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This announcement comes against a backdrop of a slowdown in Germany, which, according to European Commission forecasts published last week, will be the main drag on growth in the euro zone this year and next.
“The fact that two central economies (France and Germany) of the euro zone are in difficulty is not good news,” said Ipek Ozkardeskaya, senior market analyst at Swissquote Bank.
In China, also under surveillance at a time when the health of its economy is a source of concern, revenues linked to tourism during the New Year nevertheless increased by 47% year-on-year, which is an encouraging sign for the state of domestic demand.
American markets are closed on Monday in commemoration of the birth of Washington.
VALUES IN EUROPE
In values, Forvia turned downward and dropped 3.1% after revealing an important social plan.
Elsewhere in Europe, Rheinmetall, which plans to open a munitions factory in Ukraine as part of a joint venture, takes 3%.
The health sector limits losses on STOXX with a rise of 0.73%, supported by a 3% rise in AstraZeneca after a combination of its anticancer drug Tagrisso with chemotherapy to treat a type of cancer of the lung has been approved by the US Food and Drug Administration (FDA).
RATE
In the absence of new data, bond yields in the euro zone are calm on Monday.
The German ten-year yield is stable at 2.402%, as is the two-year yield at 2.8268%.
The interest rate markets are closed in the United States.
CHANGES
Foreign exchange markets are also stable. The dollar shows a small decline (-0.09%) against a basket of reference currencies, while the euro gains 0.03% to 1.0777 dollars.
OIL
Oil prices are falling on concerns about demand and profit-taking sparked by last week’s gains as conflict in the Middle East shows no signs of easing.
Brent lost 0.61% to $82.96 per barrel, with American light crude (West Texas Intermediate, WTI) dropping 0.42% to $78.86 CLc1.
NO ECONOMIC INDICATOR ON MONDAY’S AGENDA
(Some data may have a slight lag)
(Written by Diana Mandiá)
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