PARIS (Reuters) – The main European stock markets rebounded on Friday after the consolidation movement of the day before and before the publication of monthly inflation figures in the euro zone, investors still betting on a rate cut by the major central banks next year. next.
In Paris, the CAC 40 rose 0.68% to 7,216.98 points around 08:40 GMT. In London, the FTSE 100 rose 0.47% and in Frankfurt, the Dax rose 0.59%.
The EuroStoxx 50 index increased by 0.57%, the FTSEurofirst 300 by 0.50% and the Stoxx 600 by 0.73%.
Futures contracts on Wall Street foreshadow an increase of 0.11% for the Dow Jones, 0.24% for the Standard & Poor’s 500 and 0.07% for the Nasdaq the day after a session in dispersed order.
The final data on consumer prices in the euro zone will be known at 10:00 GMT and the Reuters consensus forecasts a slowdown to 0.1% over one month and a deceleration to 2.9% over one year.
The decline in inflationary pressures in Europe and the United States has contributed since the start of the week to the improvement on the markets, even if Thursday’s session was marked by a slight decline against a backdrop of consolidation.
The underlying trend of an easing of bonds and a rise in equities remains with a further decline in the yields of the German Bund and American Treasuries on Friday. Money markets see with a 100% probability an ECB rate cut of 100 basis points by December 2024.
Several central bankers, including the President of the European Central Bank Christine Lagarde, the Deputy Governor of the Bank of England Dave Ramsden and the Vice Chairman of the American Federal Reserve Michael Barr are also due to speak this Friday.
However, economic developments in Europe are tempering the earnings potential. Retail sales in the United Kingdom, for example, posted an unexpected contraction of 0.3% over one month in October, suggesting a likely revision of British GDP in the third quarter.
On the stock market, the positive trend is led by the health sector (+1.26%) with Novo Nordisk and Sanofi gaining 2.14% and 1.21% respectively.
At the bottom of the Stoxx 600, Volvo Cars fell 12.02% to a historic low, its parent company Geely having launched a program to sell 100 million shares of the Swedish car manufacturer.
(Written by Claude Chendjou, edited by Blandine Hénault)
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