by Claude Chendjou
PARIS (Reuters) – European stock markets are moving up on Monday mid-session, in reduced volumes in the absence of Wall Street, closed for “Labor Day”, the positive trend being supported by monthly employment figures US and economic stimulus measures in China.
In Paris, the CAC 40 took 0.43% to 7,328.42 points around 11:45 GMT. In Frankfurt, the Dax advances by 0.35% and in London, the FTSE gains 0.33%.
The pan-European FTSEurofirst 300 index rose by 0.49%, the euro zone’s EuroStoxx 50 by 0.61% and the Stoxx 600 by 0.52%.
US jobs data released on Friday showed a rising jobless rate and slowing wage growth, supporting speculation that the US Federal Reserve (Fed) may be done with the hike interest rates since its policy has an impact on the economy and demand.
China, meanwhile, has stepped up measures to stimulate its economy, with major banks bracing for further interest rate cuts and sources saying Beijing is considering further measures, including easing restrictions on buying. of accommodation.
“Investors are increasingly positive about the economic reforms adopted last week around the real estate market,” wrote in a note Peter Garnry, head of equity strategy at Saxo Bank.
VALUES IN EUROPE
In Europe, the basic resources (+0.9%) and energy (+0.15%) compartments benefited from announcements from China.
In individual values, Thalès advances 1.70%, Jefferies having raised its recommendation to “hold” to “buy”.
Novo Nordisk takes 1.78%, at a record level, thanks to the launch of its weight loss treatment Wegovy on the British market. With a market capitalization of $424.7 billion, Novo has dethroned LVMH as the most valued listed company in Europe.
RATE
The yield of the German ten-year Bund takes two basis points, to 2.564%, before an intervention scheduled for the day by Christine Lagarde. The President of the European Central Bank (ECB) is to speak at the “Distinguished Speakers” seminar organized by the European Center for Economics and Finance (EEFC).
CHANGES
The dollar fell 0.17% against a basket of benchmark currencies but remained close to its two-month peak reached at 104.4 points on August 25.
The euro gained 0.28% to 1.0803 dollars, while the pound sterling took 0.38% to 1.2636 dollars.
OIL
The oil market is broadly stable, with investors digesting data from China and the United States.
Brent climbed 0.11% to 88.65 dollars a barrel and US light crude (West Texas Intermediate, WTI) 0.06% to 85.6 dollars.
(Written by Claude Chendjou, edited by Blandine Hénault)
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