PARIS (Reuters) – The main European stock markets rebounded on Thursday morning for the first session of June, investors being relieved by the adoption by the House of Representatives of the agreement on the American debt and an unexpected recovery in the manufacturing activity in China.
In Paris, the CAC 40 took 0.78% to 7,153.76 points around 07:25 GMT. In London, the FTSE 100 advances by 0.37% and in Frankfurt, the Dax gains 0.91%.
The EuroStoxx 50 index rose by 0.92%, the FTSEurofirst 300 by 0.71% and the Stoxx 600 by 0.74%.
Futures contracts on Wall Street foreshadow a rise in the aftermath of a session in the red marked by fears over interest rates.
The agreement between Democrats and Republicans providing for the temporary suspension of the debt ceiling of the United States until 2025 was approved on Wednesday by the House of Representatives. The Senate must in turn decide on this text but for the experts, like Ray Attrill of National Australia Bank, this should be a mere formality.
In China, relief came from manufacturing activity which rebounded against all expectations in May with an index at 50.9, according to the Caixin/S&P Global survey published on Thursday.
Investors are now awaiting manufacturing activity indices in Europe and the United States, as well as eurozone inflation figures and a survey of the American labor market before the official report on the subject due on Friday. .
On the stock market, the basic resources compartment (+1.11%), one of the biggest increases in the Stoxx 600, is benefiting from news from China and the United States. Cyclical and industrial sectors are also in demand.
In Paris, Airbus and Safran gain 1.83% and 1.38% respectively, while Carrefour advances by 0.55%.
In the results of the day, Rémy Cointreau takes 1.91% after reporting a stronger than expected increase in its annual operating profit.
Elsewhere in Europe, Heidelberg Materials gains 1.91% thanks to the raising of JPMorgan’s recommendation to “overweight”.
(Written by Claude Chendjou, edited by Kate Entringer)
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