Stocks attempt a rebound as they watch the fall of the British pound

PARIS, Sept 26 (Reuters) – Europe’s main stock markets regained ground early in the session on Monday, benefiting from the prospect of a higher opening on Wall Street, which relieved investors concerned about both the risks of recession and the current turmoil in the foreign exchange market. In Paris, the CAC 40, which fell in the first exchanges, gained 0.51% to 5,812.71 points around 07:50 GMT and in Frankfurt, the Dax advanced by 0.38%. The EuroStoxx 50 index is up by 0.62%, the FTSEurofirst 300 by 0.13% while the Stoxx 600 is down 0.17%. The latter lost 4.37% last week and ended Friday at its lowest level since December 2020 after multiple key rate hikes and new signs of deterioration in the economic situation. In London, the FTSE 100, heavily weighted in export-oriented large caps, rose 0.34% but the broader FTSE 250 lost 0.27%. The pound sterling hit a new historic low at the very start of the day and lost another 1.33% against the dollar and 1.23% against the euro, which is fueling speculation about a possible emergency intervention by the Bank. of England (BoE). The Milan Stock Exchange took 1.37% the day after the early legislative elections, won by the alliance of the rights led by Giorgia Meloni. Futures on major U.S. indices so far point to an opening up 0.14% for the Dow Jones, flat for the Standard & Poor’s 500 and up 0.05% for the Nasdaq, after strong declines experienced last week. This perspective benefits, among other things, European technology stocks, whose Stoxx index gains 2%. Within the CAC 40, STMicroelectronics takes up 1.94% and Dassault Systèmes 1.13%. Downward, the commodity compartment yielded 2.29% and that of oil and gas 1.18%, the prices of raw materials and hydrocarbons being held back by the continued appreciation of the dollar. (Written by Marc Angrand, edited by Sophie Louet)