PARIS (Reuters) – The main European stock markets are trending slightly downward in a movement of profit-taking and a decline in oil prices in reaction to data from China, the recent euphoria born from the hope of the end of rise in interest rates from major central banks now giving way to caution.

In Paris, the CAC 40 lost 0.11% to 7,006.03 points around 07:30 GMT. In London, the FTSE 100 lost 0.05% and in Frankfurt, the Dax lost 0.08%.

The EuroStoxx 50 index fell by 0.04%, the FTSEurofirst 300 by 0.01% and the Stoxx 600 by 0.04%.

Futures contracts on Wall Street also forecast a drop of 0.15% for the Dow Jones, 0.18% for the Standard & Poor’s 500 and 0.15% for the Nasdaq the day after a session marked by the wait-and-see attitude in anticipation of the statements of several officials of the American Federal Reserve, including its president Jerome Powell, who is due to speak on Wednesday.

The slight rise in bond yields in the United States and Europe is also limiting gains on the stock markets, while the dollar, a safe haven asset, is starting to rise again.

Investors are also opting for caution while awaiting the publication this week of several economic indicators, including monthly figures for producer prices in the euro zone at 10:00 GMT. On Wednesday the final data on inflation and retail sales in the community bloc will be published.

On the stock market, the negative trend is led by the energy sector which fell by 1.29% after mixed economic data in China.

China’s exports declined in October by 6.4% year-on-year at a faster rate than expected, while imports increased (+3.0%) unexpectedly, a sign of the uneven recovery of the second largest economy. worldwide.

The International Monetary Fund (IMF), however, raised its forecasts for China on Tuesday, now expecting GDP to increase by 5.4% this year and 4.6% in 2024.

Numerous company publications are livening up the discussions, starting with Engie, which is up 1.10% after an upward revision of its annual objectives, while Capgemini is in the red due in particular to a drop in its turnover. business at current exchange rates in the third quarter.

UBS advances 4.11%, despite a quarterly loss of 785 million dollars (732.86 million euros) linked to the takeover of Credit Suisse. The Swiss bank, however, indicated that its key wealth management division was stabilizing.

Associated British Foods, the owner of the ready-to-wear brand Primark, jumped 5.69% thanks to an increase in its annual profit.

(Written by Claude Chendjou, edited by Blandine Hénault)

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