PARIS (Reuters) – The main European stock markets rose modestly at the start of the session on Tuesday, awaiting new data on the evolution of inflation in the United States, which could influence the decisions and the speech of the Federal Reserve.
In Paris, the CAC 40 gained 0.26% to 7,227.55 points at 08:48 GMT. In London, the FTSE 100 takes 0.4% and in Frankfurt, the Dax advances by 0.17%.
The EuroStoxx 50 index is up 0.21%, the FTSEurofirst 300 0.38% and the Stoxx 600 0.34%.
The big event of the week will be the publication, at 1.30 p.m. GMT, of the monthly consumer price statistics (CPI) in the United States.
The index is expected to rise by 0.5% in January compared to the previous month, which would mark an acceleration after the rise of 0.1% in December, and its increase in annual rate should return to 6.2% after 6.5% according to the Reuters consensus.
The statistics will obviously be analyzed to assess the extent to which the Federal Reserve’s policy tightening is helping to control inflation.
“As usual, the focus will be on core inflation, and in particular non-housing services, as Fed Chairman Jerome Powell and his colleagues have underscored its importance for monetary policy” , ING said in a note.
On the stock market, TF1 fell by 6.05% after announcing for the 2022 financial year a drop in its current operating profit, its advertising revenue and the net profit group share. TF1 has also announced that its managing director now also assumes the presidency after the resignation of Gilles Pélisson.
The competitor M6, down 3.75%, also published its annual results, marked by the drop in turnover and net profit.
The Michelin share is also in the red (-1.1%), the tire manufacturer having announced, among other things, a structural free cash flow in 2022 almost twice lower than its objective.
Among the biggest drops in the Stoxx, the German Thyssenkrupp dropped 5.42%, its operating profit having fallen by around 30% year on year in the October-December period.
(Laetitia Volga, editing by Kate Entringer)
Copyright © 2023 Thomson Reuters
I have over 8 years of experience working in the news industry. I have worked as a reporter, editor, and now managing editor at 247 News Agency. I am responsible for the day-to-day operations of the news website and overseeing all of the content that is published. I also write a column for the website, covering mostly market news.
