PARIS (Reuters) – The main European stock markets fell on Tuesday morning in a wait-and-see context before an inflation indicator in the United States and the monetary policy decisions of the European Central Bank (ECB).
In Paris, the CAC 40 lost 0.34% to 8,092.09 points around 07:45 GMT. In London, the FTSE 100 fell by only 0.08%, thanks to raw materials. In Frankfurt, the Dax lost 0.42%.
The EuroStoxx 50 index fell by 0.41%, the FTSEurofirst 300 by 0.14% and the Stoxx 600 by 0.21%.
Futures contracts on Wall Street predict an almost unchanged opening for the three main indices the day after a mixed session.
Investors are mainly focused on Thursday’s monetary policy meeting of the ECB and Wednesday’s publication of monthly consumer prices in the United States, while on Friday the major American banks will open the ball of the quarterly results season.
These key meetings do not encourage risk-taking, especially since Citigroup on Tuesday reduced its forecast for ECB rate cuts for this year from five to four.
Nomura analysts, for their part, believe that the dynamics of services inflation in the euro zone increases the risk that the ECB will skip the June meeting to reduce its rates.
On the stock market, the increase in the basic resources compartment (+1.14%) nevertheless makes it possible to limit the downward trend on the Stoxx 600. It owes its good performance to the prospects of a rebound in the global manufacturing sector, driven by particularly from China.
In Shanghai, copper hit a record high of 76,700 yuan, while in London it approached a 14-month high.
In individual values, in Paris, Atos, volatile, lost 3.63% after having climbed more than 8% at the opening. The group announced on Tuesday its refinancing plan which should allow it to raise 600 million euros in liquidity to finance activity over the period 2024-2025.
BP takes 1.49% thanks to forecasts for energy production in the first quarter that are higher than in the previous three months.
British insurer Aviva, which completed the acquisition of AIG’s life insurance activities in the United Kingdom for 453 million pounds, is in the green.
Imperial Brands is virtually flat after announcing a higher first-half profit forecast amid rising tobacco prices and rising sales of disposable e-cigarettes.
(Writing by Claude Chendjou, edited by Kate Entringer)
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