PARIS (Reuters) – The main European stock markets rose at the start of the session on Monday before several important meetings expected in the week, in particular on the file of the American debt ceiling.

In Paris, the CAC 40 gained 0.49% to 7,451.04 points around 08:05 GMT, supported by the well-received results of the insurer Axa.

In London, the FTSE 100 takes 0.22% and in Frankfurt, the Dax advances by 0.18%.

The EuroStoxx 50 index is up 0.33%, the FTSEurofirst 300 0.2% and the Stoxx 600 0.24%.

The Istanbul Stock Exchange’s BIST 100 index shed 4.11% and the Turkish lira hit a two-month low as a runoff in the presidential election looks increasingly likely between incumbent President Recep Tayyip Erdogan and the main opposition candidate, Kemal Kiliçdaroglu.

“A runoff means two more weeks of uncertainty. The market has lost all of its gains from the single-round election assumption. We will see high volatility over the next couple of weeks as CDS rises (default swaps) is significant,” said Serdar Pazi, analyst at Global Securities Research.

Other events likely to cause volatility await the markets in the coming days. The latest figures for industrial production and retail sales in China will come under scrutiny on Tuesday as investors grow increasingly concerned about the lackluster post-COVID recovery.

The interventions of many officials of the Federal Reserve, including its chairman Jerome Powell on Friday, are also on the program. On the political level, discussions between Republicans and Democrats are expected to resume Tuesday at the White House to try to reach a compromise on raising the US debt.

On the stock market, Axa gained 2.97% after reporting higher than expected financial solvency in the first quarter.

Siemens Energy took 2.46% after announcing a record order book of 102 billion euros and raising its sales outlook.

(Laetitia Volga, edited by Nicolas Delame)

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