PARIS (Reuters) – The main European stock markets are attempting a rebound on Thursday morning with luxury and semiconductor stocks after three consecutive sessions of decline linked in particular to doubts about the timetable for interest rate cuts by central banks.
In Paris, the CAC 40 rose 0.15% to 7,329.88 points around 08:40 GMT. In London, the FTSE 100 advanced by 0.07% and in Frankfurt, the Dax gained 0.06%.
The EuroStoxx 50 index increased by 0.17%, the FTSEurofirst 300 by 0.02% and the Stoxx 600 by 0.02%.
Futures contracts on Wall Street foreshadow a stable opening for the Dow Jones and the Standard & Poor’s 500, while the Nasdaq could rebound by 0.22% the day after a session in the red, penalized in particular by the stronger rise than expected retail sales in December in the United States.
The strength of this statistic reflects the robustness of the US economy, reducing pressure on the Federal Reserve to quickly ease monetary policy.
In the euro zone, Christine Lagarde, the president of the European Central Bank (ECB), estimated on Wednesday that the work against inflation was not finished.
These comments and the latest economic indicators have caused tensions on the bond market, pushing back in the eyes of investors the timetable for the first ECB rate cut to April and no longer to March.
While the ECB is due to publish the minutes of its latest monetary policy meeting at 12:30 GMT, the yield on the German Bund is stable on Thursday, at 2.29%, allowing a cautious return to risky assets.
The positive trend is also supported by company publications, starting with Richemont (+7.73%) which is driving the European luxury sector (+2.39%). The Swiss group, owner of the Cartier jewelry house, reported on Thursday a 4% increase in sales for its third fiscal quarter. In its wake, LVMH, Hermès and Kering rose from 1.38% to 1.62%.
The technology sector (+1.19%), in particular that of semiconductors, is also well oriented with the results above expectations for the fourth quarter and the investment forecasts of the Taiwanese giant TSMC.
STMicroelectronics advances by 1.57%, ASML by 2.12% and Infineon by 2.49%.
(Written by Claude Chendjou, edited by Blandine Hénault)
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