PARIS (Reuters) – The main European stock markets rose again on Thursday morning but without much conviction after two consecutive sessions in the red, pending a new inflation indicator in the United States.

In Paris, the CAC 40 took 0.86% to 7,424.77 points around 08:00 GMT. In London, the FTSE 100 advances by 0.49% and in Frankfurt, the Dax gains 0.29%.

The EuroStoxx 50 index rose by 0.67%, the FTSEurofirst 300 by 0.66% and the Stoxx 600 by 0.54%.

Futures on Wall Street point to a rise of 0.23% for the Dow Jones, 0.28% for the Standard & Poor’s 500 and 0.22% for the Nasdaq in the aftermath of a marked scattered session by the publication of monthly consumer prices (CPI) in the United States.

US producer price (PPI) data for the month of April will be out at 12:30 GMT and the Reuters consensus expects the PPI rise to slow to 2.4% year on year in April (after + 2.7% in March) but a rebound of 0.3% over one month after a contraction of 0.5% in March.

The US Federal Reserve (Fed) last week hinted at a pause in raising interest rates after another 25 basis point rise in the cost of credit. Money markets are currently pricing in a 95% probability of a status quo for Fed rates in June.

Investors will also closely watch the Bank of England’s monetary policy statement at 11:00 GMT, while in the eurozone Francois Villeroy de Galhau said the next rate hikes from the European Central Bank (ECB) would now be “marginal”. The ECB deposit rate, currently at 3.25%, could peak at 3.75% in the summer according to market expectations.

Many company publications are driving trade in Europe, starting with Engie (-0.84%), one of the biggest drops in the CAC 40, despite rising results in the first quarter. Eiffage (+1.71%), on the other hand, progressed thanks to a jump of 13.1% in its quarterly turnover.

On the SBF 120, Solutions 30 (+9.41%) and Beneteau (+9.22%) lead the index, while Eutelsat (-3.15%) and Elis (-1.08%) ) bring up the rear after their respective quarterly results.

Elsewhere in Europe, Deutsche Telekom (+1.01%) is benefiting from the increase in its annual profit target, while quarterly ING (+3.27%) and Tod’s (+4.6%) are welcomed.

Bayer, which said it anticipated an Ebitda for this year probably at the lower end of the range initially communicated, fell 6.36% and Thyssenkrupp fell 1.68% after the announcement by the German conglomerate of a quarterly net loss of 223 million euros.

Telecom Italia dropped 4.6% despite a rise in first-quarter operating profit as the group’s rising net debt was a concern.

(Written by Claude Chendjou, edited by Tangi Salaün)

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