PARIS (Reuters) – The main European stock markets are moving in small variations on Thursday morning amid fears of a recession in the light of the latest macroeconomic indicators, with caution also being called for on the eve of the long Easter weekend. , with most financial markets closed on Friday.
In Paris, the CAC 40 took 0.19% to 7,330.30 points around 07:40 GMT. In London, the FTSE 100 advances by 0.39% and in Frankfurt, the Dax gains 0.21%.
The EuroStoxx 50 index rose by 0.12%, the FTSEurofirst 300 by 0.31% and the Stoxx 600 by 0.40%.
Futures contracts on Wall Street foreshadow stability for the Dow Jones, the Standard & Poor’s 500 and the Nasdaq the day after a session in the red for two of the three main American indices.
Investor caution is fueled by two U.S. labor market statistics, the “Jolts” job vacancies report and the survey by private firm ADP, which show a slowdown, a sign that aggressive monetary policy of the US Federal Reserve (Fed) is beginning to produce its effects but could at the same time precipitate the economy into recession.
The weekly jobless claims in the United States will be released at 12:30 GMT, ahead of the official job market report, due on Friday, when stock markets around the world are mostly closed tomorrow.
In this context, safe-haven assets such as the dollar (+0.14%) and the yen (+0.1%) are in demand, while the easing continues on short-term bonds in the United States.
“It makes sense to insure against risks before the long Easter weekend,” said Tony Sycamore, analyst at IG, in a note.
In terms of economic statistics in Europe, German industrial production rose more than expected in February, by 2.0% over one month.
On the stock market, the positive trend is driven by the rebound in the basic resources compartment (+1.14%) after the good figures of the composite PMI in March in China, that calculated by Caixin and S&P.
In individual values, Accor climbed 3.57% thanks to the raising of Stifel’s recommendation to “buy” on the value.
In the banking compartment (+0.6%), Credit Suisse takes 0.38%, Switzerland having asked the bank to cancel or reduce the bonuses granted to its leaders.
Tire manufacturer Pirelli gained 0.47% after announcing a proposed dividend payment of 0.218 euros per share, compared to 0.161 euros in 2021.
(Written by Claude Chendjou, edited by Kate Entringer)
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