PARIS (Reuters) – The main European stock markets are moving on a slightly positive note on Monday in the first exchanges, driven in particular by basic resources, but risk-taking remains limited in the absence today of investors on Wall Street and waiting the minutes of the last meeting of the American Federal Reserve (Fed) which will be published on Wednesday.

In Paris, the CAC 40 climbed 0.08% to 7,353.68 points around 08:50 GMT. In London, the FTSE 100 advances by 0.12% and in Frankfurt, the Dax gains 0.05%.

The EuroStoxx 50 index rose by 0.13%, the FTSEurofirst 300 by 0.22% and the Stoxx 600 by 0.19%.

Wall Street, which was affected Friday by the prospect of seeing the Fed continue its restrictive monetary policy, is closed on Monday for “Presidents’ Day” (the Presidents’ Day).

Investors await Wednesday the minutes of the last meeting of the Fed while no less than five officials of the American bank must also speak this week.

The core PCE inflation indicator, the Fed’s favorite measure in the matter, which is due to be published on Friday, is also expected. The Reuters consensus forecasts an acceleration to 0.4% in January over one month, the highest level in five months, and a slowdown to 4.3% over one year.

This could rekindle fears of a prolonged rise in the cost of credit as the market currently assesses the peak in rates in the United States at 5.28%, while excluding a drop for the end of the year.

Beyond macroeconomic concerns, geopolitical tensions are also limiting the market rebound. North Korea fired two ballistic missiles off its eastern coast on Monday and US Secretary of State Antony Blinken warned Beijing of the consequences of supporting Moscow in the war in Ukraine.

On the stock market, the raw materials sector, supported by the hope of a recovery in demand in China, is among the best performers. Defensive compartments such as real estate (+0.52%), health (+0.1%) and utilities (+0.59%) are also in demand, while the new technologies index (- 0.2%), sensitive to changes in interest rates, shows one of the largest declines.

In business news, Forvia announced on Monday that it anticipates an improvement in its results this year after a net loss group share of 382 million euros in 2022. Faurecia takes 3.80% and Hella gains 0.38%, l he automotive supplier was born out of Faurecia’s takeover of its German competitor. The automobile index rose by 0.89%.

Valneva advances by 0.93%, the Food and Drug Administration (FDA), the health authority in the United States, having granted a priority review to its candidate vaccine against chikungunya.

Elsewhere in Europe, the Austrian bank Raiffeisen plunged 6.75%, the American authorities having requested information on its activities in Russia.

(Written by Claude Chendjou, edited by Blandine Hénault)

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