PARIS (Reuters) – The main European stock markets opened hesitantly on Tuesday, between optimism after the Chinese rate cuts and concerns about the state of the second largest economy in the world.
In Paris, the CAC 40 fell 0.38% to 7,321.17 points around 07:30 GMT. In Frankfurt, the Dax dropped 0.37%, the FTSE in London remaining stable.
The pan-European FTSEurofirst 300 index is treading water, the EuroStoxx 50 fell by 0.31% and the Stoxx 600 by 0.38%.
New York index futures suggest a hesitant opening on Wall Street, with the Dow Jones, Standard & Poor’s 500 and Nasdaq not showing a strong trend.
The Chinese central bank lowered its rate for its medium-term loans to some companies in the financial sector, a positive development and intended to support slowing activity.
However, growth in both retail sales and industrial production disappointed the consensus, while new construction continues to decline.
The publication of retail sales in the United States at 12:30 GMT also encourages investors to be cautious, since this indicator will make it possible to gauge the resistance of consumer spending to rate hikes by the Federal Reserve.
In values, Marks & Spencer posted one of the best performances in the Stoxx 600, up 8.26%, after announcing that it expected profit growth for the whole of the 2023-24 financial year. The title supports the distribution sector, which grew the most strongly among the Stoxx 600 sectors, by 0.40%.
(Writing by Corentin Chapron, editing by Kate Entringer)
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