PARIS (Reuters) – The main European stock markets are moving up slightly on Friday morning, driven in particular by raw materials, optimism prevailing after recent data showing the solidity of the American economy.
In Paris, the CAC 40 took 0.65% to 7,360.22 points around 07:50 GMT, signing a fifth session in a row in the green. In London, the FTSE 100 advances by 0.21% and in Frankfurt, the Dax gains 0.53%.
The EuroStoxx 50 index rose by 0.29%, the FTSEurofirst 300 by 0.44% and the Stoxx 600 by 0.55%.
Futures contracts on Wall Street point to stability for the Dow Jones, an increase of 0.11% for the Standard & Poor’s 500 and 0.29% for the Nasdaq the day after a session in the green supported by the banks who have successfully passed the Fed’s annual “stress test”.
The trend could however change for this last session of the first half, the market awaiting several economic indicators during the day, including the monthly inflation figures in the euro zone and the PCE price index in the United States, the preferred measure of the inflation by the Fed.
In France, year-on-year inflation slowed to a slightly stronger than expected pace in June, with the consumer price index up 4.5% year-on-year from 5.1 % at the end of May, according to a first estimate published Friday by INSEE.
In other daily indicators, retail sales in Germany rose more than expected in May, up 0.4% month-on-month.
On the stock market, the basic resources compartment gained 0.77% in the hope of economic stimulus measures from China after the disappointing figures published on Friday on manufacturing activity in the country. The energy sector (+1.25%) is also well oriented.
In individual values, Engie takes 1.35% after raising its outlook for this year. Sodexo, which has also revised upwards the annual growth target for its Pluxee division, fell by 1.87%. Analysts point out that the group’s sales in the third quarter and its outlook for this year are unsurprising.
Adidas stock is volatile on the heels of Nike missing the fourth-quarter earnings consensus and reporting a current-quarter revenue forecast below Wall Street expectations.
(Written by Claude Chendjou, edited by Blandine Hénault)
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