(News Bulletin 247) – Morose atmosphere on the main stock markets of Europe: if London is stable, Paris and Frankfurt yield 0.4%.
In the absence of major indicators and results expected in the coming days, investors are playing the card of caution in order to secure their recent gains.
If the stock markets are beginning to show some signs of fatigue (especially in the United States where the recent Nasdaq ‘rally’ tends to run out of steam), it seems for the moment very difficult to predict where the next factor of growth.
On the statistical front, German industrial production rebounded only timidly in April after its sharp contraction in March, reinforcing the scenario of a prolonged recession in Europe’s largest economy.
Supported mainly by the construction sector, factory production rose 0.3% in April after falling 2.1% the previous month (revised from -3.4%), according to published figures. by Destatis.
This increase is well below the consensus of economists, who on average expected an increase of 0.6%.
In addition, France’s balance of payments deteriorated slightly in April, with a current account deficit of 0.1 billion euros after a slight surplus of 0.3 billion in March.
According to CVS-CJO data released on Wednesday by the Banque de France, this deterioration is mainly linked to the widening of the goods deficit (-7 billion euros in April, against -6.2 billion in March).
Finally, still in France, the trade balance remained at -9.2 billion euros in April 2023, as a three-month moving average according to the General Directorate of Customs. Imports and exports both fell by 0.2 billion euros and reached 59.3 billion euros and 50.1 billion euros respectively.
In European company news, BASF announces that it will gradually commission additional alkoxylation capacities in Antwerp, Belgium, and Ludwigshafen, Germany, starting in the second quarter of 2023.
BMW Group says it has signed an €8 billion syndicated revolving credit facility (RCF) with a five-year term and two one-year extension options.
Finally, in the first quarter of 2023, Inditex indicates that its net income increased by 54% to reach 1.2 billion euros. The net cash position increased by 14% to €10.5 billion.
Copyright (c) 2023 News Bulletin 247. All rights reserved.
I have over 8 years of experience working in the news industry. I have worked as a reporter, editor, and now managing editor at 247 News Agency. I am responsible for the day-to-day operations of the news website and overseeing all of the content that is published. I also write a column for the website, covering mostly market news.
