PARIS (Reuters) – The main European stock markets are moving up on Friday morning, the positive trend being notably supported by the banking sector and luxury stocks following the quarterly publications of Société Générale and Richemont.
In Paris, the CAC 40 took 0.63% to 7,428.35 points around 07:50 GMT. In London, the FTSE 100 advances by 0.33% and in Frankfurt, the Dax gains 0.28%.
The EuroStoxx 50 index rose by 0.34%, the FTSEurofirst 300 by 0.37% and the Stoxx 600 by 0.35%.
Futures on Wall Street point to a rise of 0.35% for the Dow Jones, 0.31% for the Standard & Poor’s 500 and 0.2% for the Nasdaq in the aftermath of a markedly messy session in particular by a new distrust of regional banks, PacWest Bancorp having plunged by nearly 23%.
In Europe, luxury stocks are sought after the quarterly results of Richemont which exceeded expectations. The action of the Swiss group rose by 4.68% after having reached a historic record at 158.30 Swiss francs, dragging in its wake Kering and LVMH, which gained 1.76% and 1.02% respectively.
The banking sector, up 0.66%, also contributed to the improvement in the equity markets, Societe Generale (+0.87%) having generally done better than expected in the first quarter. BNP Paribas and Crédit Agricole are up 1.48% and 1.69% respectively, while Barclays, Commerzbank and Unicredit are also up.
On the SBF 120, Scor jumped 8.24% after the announcement of a net profit of 311 million euros in the first quarter against a net loss a year ago. Orpea, on the other hand, fell 5.25% after the publication of a loss of 4.03 billion euros for the 2022 financial year.
On the macroeconomic level, investors are keeping an eye on the inflation figures in the euro zone which will be published next week and its impact on the path of interest rates. In France, inflation was confirmed on Friday at 6.9% in April over one year, as in Spain, where it was unchanged at 3.8% over one year, according to official final data.
Regarding the economic situation, the British economy posted growth of 0.1% over the first three months of the year compared to the fourth quarter of 2022.
(Written by Claude Chendjou, edited by Jean-Stéphane Brosse)
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