PARIS (Reuters) – The main European stock markets posted a cautious rebound on Tuesday morning after the massive selling of the last sessions following the collapse of the American bank SVB while investors awaited above all the data on American inflation.
In Paris, the CAC 40 took 0.33% to 7,034.82 points around 09:00 GMT. In London, the FTSE 100, on the other hand, fell by 0.13%, penalized by basic resources. In Frankfurt, the Dax gets 0.68%.
The EuroStoxx 50 index rose by 0.49%, the FTSEurofirst 300 by 0.31% and the Stoxx 600 by 0.39%.
Futures on Wall Streeet also point to a rise of 0.42% for the Dow Jones, 0.57% for the Standard & Poor’s 500 and 0.54% for the Nasdaq as traders expect a limited rise. US Federal Reserve (Fed) rates, or even a status quo, after the shock wave caused by the bankruptcy of SVB Financial Group, which operates under the name of Silicon Valley Bank (SVB).
The US inflation figures for the month of February, which will be published at 12:30 GMT, should feed the debates within the Fed which meets next week. The Reuters consensus forecasts a slowdown to 0.4% over one month and a deceleration to 6.0% over one year after +0.5% and +6.4% respectively.
In Britain, statistics released on Tuesday show a slowdown in wage growth over the three months to January, to 6.5% on an annual basis, as the Bank of England (BoE) meets next week and that the market is speculating on the end of its monetary tightening.
The European Central Bank (ECB), for its part, will meet on Thursday and the money markets are still expecting a rise in the cost of money by 50 basis points. The yield of the two-year German Bund, a benchmark for the whole of the euro zone, however fell another five basis points to 2.64% after a drop of 34 points the day before, the largest since 1995.
On the stock market, the real estate (+1.73%) and new technologies (+0.7%) compartments, sensitive to variations in interest rates, are among the best performers with stocks such as STMicroelectronics (+1.15 %) or Unibail-Rodamco (+1.2%).
The banking index (+0.05%) stabilized after two sharp declines in a row. Credit Suisse, which fell to a new historic low on Monday, fell again, by 0.49%, after announcing, during the publication of its 2022 report, a stabilization of customer withdrawals but not a reversal.
(Written by Claude Chendjou, edited by Blandine Hénault)
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