PARIS (Reuters) – The main European stock markets are moving higher on Tuesday morning amid optimism that the Federal Reserve (Fed) will soon end its interest rate hike, with a slowdown in inflation expected. expected in the United States and several officials who made remarks deemed less restrictive.
In Paris, the CAC 40 took 0.51% to 7,180.26 points around 07:30 GMT. In London, the FTSE 100 advances by 0.01% and in Frankfurt, the Dax gains 0.24%.
The EuroStoxx 50 index rose by 0.28%, the FTSEurofirst 300 by 0.41% and the Stoxx 600 by 0.31%.
Futures contracts on Wall Street foreshadow an increase of 0.09% for the Dow Jones, 0.1% for the Standard & Poor’s 500 and 0.2% for the Nasdaq the day after a marked session. also by a rebound from last week’s losses.
U.S. consumer price (CPI) data for June will be released on Wednesday and the Reuters consensus forecasts a slowdown to 3.1% year-on-year, raising hopes of an imminent end to the monetary tightening by the Fed.
This hope was further fueled by comments Monday from several Fed officials. San Francisco branch president Mary Daly said two more rate hikes would likely still be needed, but the tightening cycle was coming to an end.
“I think we’re close,” Fed Vice Chairman Michael Barr said of the end of the rate hike.
In the foreign exchange market, the euro hit a two-month high of $1.1022 and the pound a 15-month high of $1.2887.
On the stock market, the positive trend in Europe is driven by the basic resources compartment (+1.33%), exposed to China, in view of economic stimulus measures by Beijing.
In individual values, Renault takes 0.34% after reporting an 11% increase in global sales of the diamond brand to 770,807 units in the first half.
Dassault Aviation advanced 2.33%, the Indian agency ANI having reported that the Indian Ministry of Defense gave its initial agreement on Monday to the purchase of 26 Rafale planes and three Scorpene submarines from France.
Daimler Truck rose by 2.32%, signing the best performance of the Dax in Frankfurt, thanks to the increase in its annual forecasts and the announcement of a share buyback plan.
(Written by Claude Chendjou, edited by Kate Entringer)
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