PARIS (Reuters) – The main European stock markets are trending in the green on Monday morning, continuing the improvement of last week which allowed the S&P-500 index on Wall Street to close at a record level, while the session is poor in economic indicators and that several markets in Asia are closed.

In Paris, the CAC 40 rose 0.41% to 7,679.17 points around 08:40 GMT, approaching its historic peak of 7,702.95 points. In London, the FTSE 100 advanced 0.05%. In Frankfurt, the Dax gained 0.36% to 16,987 points, against an absolute peak of 17,049.52 points.

The EuroStoxx 50 index increased by 0.28% and the FTSEurofirst 300 by 0.33%. The Stoxx 600 advanced 0.40% to 486.74 points, also close to its record of 487.66 points.

Futures contracts in the United States foreshadow a stable opening for the three main Wall Street indices as the S&P-500 closed Friday for the first time in its history above 5,000 points, driven by large caps like Microsoft (+1.55%), Alphabet (+2.11%) and Amazon (+2.71%) and Nvidia (+3.57%).

The trend is positive in Europe in the wake of Wall Street and in a context where the markets are closed this Monday in China, Hong Kong, Japan, South Korea, Singapore, Taiwan, Vietnam and Malaysia in due to the Lunar New Year holiday.

The gains are however limited, with investors mainly looking towards the inflation figures in the United States, expected on Tuesday. The Reuters consensus expects an unchanged figure on a monthly basis (+0.3%) and a deceleration on an annual basis (+3.8%).

Traders have recently lowered their expectations for a policy rate cut due to the latest economic data and comments from central bankers. At least seven officials from the American Federal Reserve (Fed) are due to speak again this week, while in Europe interventions from Andrew Bailey, the governor of the Bank of England (BoE), and Philip Lane, the chief economist of the European Central Bank (ECB), are expected this Monday.

On the bond markets in Europe, long-term yields are falling slightly, with the German ten-year trading at 2.36%, down around two basis points.

In terms of values, Stellantis, which is due to publish its quarterly results on Thursday, takes 0.95% while the battery manufacturer ACC, of ​​which it is a shareholder, announced on Monday the completion of major financing for the development of its three “gigafactories” European.

Also in Paris, the listing of Believe is suspended after the digital music group announced that it had received a purchase offer from a consortium. The stock was up 9.7% before the open.

Michelin advances 0.55% before the publication of its quarterly results at the close of the Paris Stock Exchange.

Elsewhere in Europe, Tod’s shares soared 17.05%, in reaction to the announcement of a public takeover offer from L Catterton, a private equity company backed by LVMH (+0.49%) .

Novo Nordisk, whose majority shareholder plans to invest up to $7 billion per year by 2030 according to information from the Financial Times, gained 1.09%.

(Writing by Claude Chendjou, edited by Kate Entringer)

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