Stocks rise in Europe, the CAC boosted by luxury | Photo credit: Shutterstock
PARIS, November 1 (Reuters) – The main European stock markets are moving higher at the start of the session on Tuesday, buoyed by the hope that the Federal Reserve, which will begin two days of debate, will slow the pace of the rise in interest rates. interest. In Paris, the CAC 40 gained 1.78% to 6,378.13 points around 08:45 GMT. In London, the FTSE 100 takes 1.31% and in Frankfurt, the Dax advances by 1.03%. The EuroStoxx 50 index is up 1.41%, the FTSEurofirst 300 1.13% and the Stoxx 600 1.25%.
The Federal Open Market Committee (FOMC) of the Fed will open during the day the debates on its monetary policy, which should lead, according to observers, to a new rate hike of 75 basis points in an attempt to reduce inflation. Investors are mainly waiting to obtain from the institution indications on the future trajectory of rates, after having anticipated in recent days a change in its monetary policy. All major European sectors are benefiting from buoyant market sentiment. The Stoxx index of basic resources (+2.93%) posted the strongest growth following the sharp rebound in Chinese equities.
The CSI 300 rose 3.4% and the Hang Seng in Honh Kong 5.2% following rumors circulating on social media that Beijing plans to ease tough COVID-19 restrictions in March. . In Paris, luxury players Kering, Hermès and LVMH are taking advantage of this speculation to earn between 3.6% and 3.8%. Leading the Stoxx 600, British online retailer Ocado jumped 26.97% after announcing its entry into the South Korean market through a partnership with Lotte Shopping (Written by Laetitia Volga, edited by Sophie Louet )