EUROPEAN STOCK EXCHANGES OPEN UP
PARIS (Reuters) – European stocks rose at the start of trading on Monday, still buoyed by hopes that the peak of inflation in the United States has now passed, a prospect that takes precedence over disappointing Chinese economic indicators.
In Paris, the CAC 40 gains 0.1% to 6560.50 points around 07:25 GMT and in London, the FTSE 100 takes 0.38% while in Frankfurt, the Dax is unchanged.
The EuroStoxx 50 index is up 0.1%, the FTSEurofirst 300 0.38% and the Stoxx 600 0.15%. The latter thus confirms its return to its levels of early June.
On Wall Street, futures contracts on the main indices are currently pointing to a slight decline after the sharp rise recorded on Friday (+1.73% for the Standard & Poor’s 500, +2.09% for the Nasdaq Composite). , which thus posted four consecutive weeks of increases for the first time since November).
The two main events of the week which begins will be Wednesday the publication of the monthly retail sales figures in the United States and that of the minutes of the July meeting of the Federal Reserve, which should fuel the debate on the extent of the rate hike to be expected next month.
In the meantime, investors’ renewed appetite for equities could continue despite the deterioration in the Chinese economy: the figures below expectations for industrial production and retail sales in July, after those for new bank loans published on Friday, led the central bank to announce an unexpected rate cut.
This news is hurting the commodities sector, whose Stoxx index fell by 0.72%. In contrast, the European pharmacy and health compartment took 0.88%, driven among others by AstraZeneca (+ 2.45%) after the announcement of positive results from a clinical trial for its cancer treatment. breast Enhertu.
The Scandinavian airline SAS jumped 11.83% after a financing agreement of 700 million dollars (683 million euros) with the private equity group Apollo Global Management.
Down, the French vaccine specialist Valneva yields 1.56% in reaction to the announcement of a project to raise capital on the Nasdaq in an amount likely to reach 75 million dollars (73 million euros) .
(Writing by Marc Angrand, editing by Kate Entringer)