PARIS (Reuters) – The main European stock markets are without clear direction on Wednesday morning before the PMI and ISM indicators in Europe and the United States as the latest mixed macroeconomic data leave investors perplexed.

In Paris, the CAC 40 is unchanged at 7344.71 points around 08:30 GMT. In London, the FTSE 100 climbed 0.14%. In Frankfurt, the Dax lost 0.10%.

The EuroStoxx 50 index lost 0.09%. The FTSEurofirst 300 nibbles 0.02%, while the Stoxx 600 falls 0.05%.

Futures on Wall Street point to a broadly flat open with the Dow Jones up 0.09%, the Standard & Poor’s 500 and Nasdaq down 0.04% the day after a close in the red linked to job offers in the United States fell in February to their lowest level for almost two years. For analysts, this suggests that the tightening policy of the US Federal Reserve (Fed) is beginning to produce its effects.

In a letter to shareholders, Jamie Dimon, the chief executive of JPMorgan Chase, further warned that the crisis in the US banking sector was still ongoing and that its impact would be felt for years.

The ISM services index for the month of March in the United States is expected at 14:00 GMT, while the monthly survey by the private firm ADP on employment should provide new elements on the evolution of the labor market before the release Friday of the official Labor Department jobs report.

Final composite PMI data for the Eurozone and the UK in March will have been released before that while those for manufacturing activity in the Community bloc on Monday showed a further contraction over the past month.

In Germany, industrial orders rose more than expected in February, by 4.8% over one month, a sign of an economic recovery which could argue for continued monetary tightening by the European Central Bank (ECB). ). In France, industrial production grew by 1.2% in February over one month.

On the stock market, the French collective catering group Sodexo jumped 8.70% after the announcement of a split of its Benefits & Rewards Services (BRS) activity and its listing on the stock exchange in 2024. The group also reviewed on the raises its revenue forecast for the full year 2023.

After the warning from the boss of JP Morgan, the banking compartment fell by 0.11%, while UBS (+0.91%), which is holding its general meeting on Wednesday and must reassure shareholders after the takeover of Credit Suisse (+1.11%).

On the downside, the new technologies compartment, sensitive to changes in interest rates, lost 0.71%, notably with STMicroelectronics (-1.41%).

Barry Callebaut (-1.75%), the world’s largest chocolate maker and supplier to Unilever (+0.41%) and Nestle (-0.14%), is in the red after the announcement of a drop in its volumes in sales in the first half against a background of high inflation.

(Written by Claude Chendjou, edited by Blandine Hénault)

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