PARIS (Reuters) – The main European stock markets are in the red on Wednesday morning, with risk aversion dominating before the publication of monthly consumer price figures in the United States while oil prices are at a ten-month high , which reinforces inflationary fears.

In Paris, the CAC 40 lost 0.27% to 7,233.11 points around 07:55 GMT. In London, the FTSE 100, driven by energy, is almost stable (+0.05%). In Frankfurt, the Dax dropped 0.15%.

The EuroStoxx 50 index fell by 0.33%, the FTSEurofirst 300 by 0.35% and the Stoxx 600 by 0.39%.

Futures contracts on Wall Street foreshadow small variations in New York the day after a session in decline, penalized in particular by Oracle and the surge in oil prices.

The barrel of Brent, which gained almost 2% at the close on Tuesday, advanced another 0.6% to 92.61 dollars, reviving concerns about inflation which could be more stubborn than expected.

Investors are awaiting consumer price figures in the United States (CPI) at 12:30 GMT. The Reuters consensus forecasts a slowdown in core CPI inflation to 4.3% year-on-year, while a re-acceleration in overall inflation is expected to 3.6% year-on-year.

“When you see this kind of volatility in the food and energy components, the concern is that if it persists, it will tend to carry over into measures of underlying inflation over time,” says strategist Ray Attrill at the National Australia Bank.

According to him, given the evolution of oil and the expected figures on overall American inflation, it is premature for the Fed to consider giving a clear signal on the end of its monetary tightening at the September 20 meeting.

In Europe, where the European Central Bank (ECB) meets on Thursday, a source told Reuters that the Frankfurt institute expects inflation to remain above 3% next year.

The Bank of England (BoE), which meets on September 22, must deal with the figures published on Wednesday which show that the British economy contracted sharply in July, by 0.5% in a context of strikes in hospitals and schools.

On the stock market, virtually all major sectors of the Stoxx 600 are in the red, apart from energy which is up 0.38%.

In terms of values, BP is volatile after the departure with immediate effect of its general director Bernard Looney, for lack of transparency in personal relationships maintained with colleagues.

In Madrid, Inditex, the owner of the Zara brand, fell 2.48%, the group’s warning on exchange rate effects taking precedence over the 40% jump in half-year profit. Its competitor H&M lost 1.08%.

In Paris, Alstom (-3.23%) is at the bottom of the CAC 40 index, Barclays having started monitoring the value with a recommendation to “underweight”

(Written by Claude Chendjou, edited by Blandine Hénault)

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