PARIS (Reuters) – The main European stock markets are on the rise on Monday morning, driven by the announcement of new measures to support the economy in China, pending the publication of important indicators mid-week in Europe and the United States, such as inflation, activity PMIs and employment.
In Paris, the CAC 40 took 0.77% to 7,285.16 points around 08:05 GMT. In Frankfurt, the Dax gains 0.62%. The London Stock Exchange is closed due to the Summer bank holiday.
The EuroStoxx 50 index rose by 0.8%, the FTSEurofirst 300 by 0.54% and the Stoxx 600 by 0.59%.
Futures on Wall Street point to a rise of 0.20% for the Dow Jones, 0.14% for the Standard & Poor’s 500 and 0.22% for the Nasdaq after a volatile session on Friday, marked by news statements by Jerome Powell.
The Fed Chairman told the opening of the annual Jackson Hole symposium that inflationary pressures were easing but that the central bank was not done with raising interest rates and would continue to monitor data available.
The monthly activity indices and the official US employment report for the month of August are notably expected this week.
In the meantime, it’s time for optimism as US Commerce Secretary Gina Raimondo arrived in Beijing on Sunday to boost trade ties between the world’s two biggest economic powers.
The Chinese authorities also announced on Sunday a 50% reduction in stamp duty on domestic stock market transactions and a relaxation of the rules relating to residential real estate loans.
On the stock market, European luxury stocks, exposed to China, such as LVMH, Kering and Hermès rose by 0.73%, 1.12% and 1.0% respectively.
The European automobile compartment and that of industry progressed respectively by 0.62% and 0.75%.
In the other sectors, the action Casino wins 9.15%, the distributor having announced on Friday that the president of the Commercial Court of Paris has temporarily suspended any obligation of payment in respect of the bonds issued by the group.
Valneva takes 2.40% on the back of positive clinical results for its chikungunya vaccine candidate.
(Written by Claude Chendjou, edited by Blandine Hénault)
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