PARIS (Reuters) – The main European stock markets fell at the start of the session on Tuesday with the fall in banking stocks and several company results that do not encourage risk-taking.
In Paris, the CAC 40 lost 0.71% to 7,520.00 points around 07:50 GMT. In London, the FTSE 100 lost 0.52% and in Frankfurt, the Dax fell 0.23%.
The EuroStoxx 50 index is down 0.65%, the FTSEurofirst 300 0.48% and the Stoxx 600 0.51%.
Monday’s session saw a pause in equity markets, which hit multi-month highs last week.
The first quarterly publications of “Gafam” this evening, several indicators on the American economy in the coming days and the meetings of the major central banks next week keep investors on the defensive.
In addition, First Republic Bank fell more than 20% on Monday after the close on Wall Street. The struggling US regional bank said its deposits fell by more than $100 billion in the first quarter and it was considering options including a restructuring of its balance sheet.
Still in banking news, UBS dropped 4.53% after seeing its quarterly profit halved. In its wake, Credit Suisse, which it is preparing to take over, fell by 3.52%.
The European banking sector lost nearly 2%. In Paris, Crédit Agricole, BNP Paribas and Société Générale fell from 1.38% to 2.53%.
The automotive supplier Plastic Omnium lost 2.21% despite a sharp increase in its revenues in the first quarter, while the M6 group lost 3.23% after reporting declining consolidated turnover.
Conversely, Nestlé gained 1.4% and Novartis 1.77% after their good results and forecasts.
(Laetitia Volga, edited by Bertrand Boucey)
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