PARIS (Reuters) – Major European stock markets posted a cautious rebound on Wednesday morning ahead of U.S. retail sales data as disappointing corporate results and the prospect of a prolonged interest rate hike in view of the US inflation figures limit the gains.
In Paris, the CAC 40 took 0.63% to 7,258.92 points around 09:00 GMT. In London, the FTSE 100 is almost stable (-0.06%) but down compared to European markets due to the decline in commodities and Barclays. In Frankfurt, the Dax advances by 0.38%.
The EuroStoxx 50 index rose 0.48%, while the FTSEurofirst 300 (-0.03%) and the Stoxx 600 (+0.01%) were virtually unchanged.
Futures contracts on Wall Street predict a drop of 0.26% for the Dow Jones, 0.37% for the Standard & Poor’s 500 and 0.45% the day after the publication of consumer prices in the United States. States which showed both an acceleration over one month and a slowdown on an annual basis.
These figures have led two US Federal Reserve (Fed) officials, Lorie Logan and Thomas Barkin, to argue for further monetary tightening as traders now anticipate three rate hikes and a peak at 5.25%-5, 50% by July or even June.
Investors are now waiting at 1:30 p.m. GMT for data on retail sales in the United States to gauge the evolution of the economy.
In Europe, Christine Lagarde, President of the European Central Bank (ECB) is due to speak on Wednesday during a debate in the European Parliament.
In the United Kingdom, the rise in consumer prices (CPI) slowed more than expected in January over one year with an index at 10.1% against 10.5% in December, according to statistics published on Wednesday.
On the stock market, a new salvo of company publications are also driving the exchanges, starting with Carrefour, which jumped 7.82% thanks to the distributor’s optimism for this year after good results in 2022. the distribution gains 0.29%.
Kering, whose action is volatile, takes 0.83% despite the difficulties in China of its flagship brand Gucci.
Elsewhere in Europe, Barclays plunged 8.36% as a brokerage error weighed on the bank’s annual profit. The Banks Index (-0.83%) is one of the biggest declines in the Stoxx 600.
Heineken advanced 1.78% after a better-than-expected annual profit, while Glencore, down 0.40% after its results, weighed on the basic resources compartment, which lost 0.78%.
Energy fell 0.48% on lower oil prices as U.S. crude inventories surged higher than expected as the prospect of a prolonged rise in interest rates interest could weigh on demand.
(Written by Claude Chendjou, edited by Kate Entringer)
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