PARIS (Reuters) – The main European stock markets opened lower on Wednesday after the publication of Chinese indicators showing a slowdown in services activity in June, while PMIs in this area are expected during the day in Europe.
In Paris, the CAC 40 lost 0.49% to 7,333.95 points around 07:30 GMT. In London, the FTSE 100 dropped 0.21% and in Frankfurt, the Dax fell 0.61%.
The EuroStoxx 50 index fell by 0.57%, the FTSEurofirst 300 by 0.29% and the Stoxx 600 by 0.5%.
Futures contracts on Wall Street, which was closed on Tuesday because of “Independence Day”, predict a drop of 0.18% for the Dow Jones, 0.24% for the Standard & Poor’s 500 and 0.42 % for Nasdaq.
Activity in China’s services sector slowed in June to 53.9 from 57.1 in May, according to the PMI index calculated by Caixin and S&P Global. This is the slowest pace in five months, a further sign that the post-COVID-19 recovery of the world’s second largest economy is losing momentum.
After the disappointing figures for manufacturing PMIs published Monday in Europe, investors will learn from 07:50 GMT of data on services activity in the community bloc.
They will also have an eye on the minutes of the last monetary policy meeting of the Federal Reserve (Fed), scheduled for 6:00 p.m. GMT, while the official monthly report on US employment, expected on Friday, must provide new elements. on the impact of interest rates on job creation, the unemployment rate and wages.
In values, Casino plunged 39.85% when trading resumed after the Saint-Etienne distributor’s request to suspend its course following the filing of two offers aimed at strengthening its equity made public on Tuesday evening.
LVMH, Kering, Hermès, Richemont and even Moncler fell from 0.32% to 1.68%, with luxury being particularly exposed to China.
All the major sectors of the Stoxx 600 are in the red, with the basic resources compartment (-1.1%) also suffering from concerns about Chinese growth, while that of new technologies (-0.98%) suffered from the prospect of prolonged monetary tightening.
(Written by Claude Chendjou, edited by Blandine Hénault)
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