(News Bulletin 247) – The European stock markets are starting the month of June in a good mood (+0.5% in London, +1.1% in Frankfurt, +0.8% in Paris) against a backdrop of calm on the side of inflation in the euro zone in view of an estimate published during the morning.

The zone’s annual inflation rate is in fact estimated at 6.1% in May, thus marking a sharp deceleration after the 7% rate observed in April, thanks in particular to a contraction of 1.7% over one year in energy price.

“Underlying inflation has probably passed its peak, which confirms our expectation of an increase in the key rates of the ECB by 25 basis points for the last time in June”, reacts one at Commerzbank.

Such figures are therefore likely to argue for a less restrictive monetary policy, especially since the manufacturing sector in the euro zone is struggling, according to an HCOB PMI index which hit a 36-month low. to 44.8 in May.

“Production and new orders recorded their largest declines in six months, leading to the first drop in selling prices since September 2020”, underline the S&P Global investigators who compiled these data.

In the UK, too, the contraction in manufacturing activity accelerated last month, with the local PMI reading at 47.1 after 47.8 in April, marking a tenth consecutive month of contraction in the UK. sector.

In stock news, AstraZeneca gained 1% in London, torn between approval in the United States for Lynparza in prostate cancer, and a discontinuation of the program for brazikumab in inflammatory bowel disease.

Neste climbs more than 3% on the OMX, thanks to an increase in recommendation at UBS from ‘hold’ to ‘buy’ on the title of the Finnish refiner, the broker welcoming the prospects for diesel and fuels. sustainable aviation.

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