PARIS (Reuters) – The main European stock markets are down on Wednesday as investors have to digest numerous company results and leading macroeconomic indicators.

Uncertainty over the results of the American election on November 5 is also pushing investors towards safe haven assets, with spot gold having reached a record at 2,789.73 dollars per ounce (2,570.71 euros).

In Paris, the CAC 40 lost 0.98% to 7,438.21 points around 08:55 GMT, after a decline of 0.61% on Tuesday in a context of caution. In London, the FTSE 100 dropped 0.35% before the presentation of the budget in Great Britain from 12:30 p.m. In Frankfurt, the Dax lost 0.40%.

The EuroStoxx 50 index declined by 0.75% and the FTSEurofirst 300 by 0.63%. The Stoxx 600, which ended Tuesday down 0.57%, lost further ground on Wednesday, down 0.66%.

Futures contracts on Wall Street predict an increase of 0.15% for the Dow Jones, 0.24% for the Standard & Poor’s 500 and 0.22% for the Nasdaq the day after a closing record for this last clue.

Alphabet, which reported quarterly results above expectations on Tuesday evening, gained 5.5% in pre-market trading, while Meta Platforms, Amazon and Microsoft advanced from 1.5% to 2.4%.

On the statistical side, the American markets are awaiting the ADP labor survey this Wednesday before the publication on Friday of the official monthly report on employment in the United States.

In Europe, among today’s indicators already published, in France household consumption slowed in September, while GDP continued to grow in the third quarter, at +0.4%. In Germany, the number of unemployed rose more than expected in October, while GDP rose 0.2% in the third quarter after contracting 0.1% in the previous quarter. Inflation indicators in several European countries are also on the agenda.

In the avalanche of today’s financial accounts, Capgemini lost 3.12% after lowering its annual forecasts, while Amundi dropped 5.23% after its results. The industrial cable specialist Nexans fell by more than 8% after its nine-month results.

In the rest of Europe, UBS Group rose 2.49% after announcing quarterly net profit of $1.4 billion, a result higher than forecasts. The British bank Stanchart is also doing well thanks to a 172% increase in its quarterly profit before tax.

Also in London, Glencore (+2.10%) and Aston Martin (+5.21%) are buoyed by the confirmation of their respective annual forecasts.

In Frankfurt, Volkswagen advanced 1.75% despite a 42% drop in operating profit. However, the German manufacturer has lost a fifth of its stock market value since the start of the year, underperforming the automobile index in Europe which is down only 10% over the period.

BASF gained 0.66% thanks to operating profit up 5%.

Campari plunges more than 13% after missing consensus in the third quarter. The Italian group is dragging down French spirits manufacturers such as Pernod Ricard, which lost 2.44%, and Rémy Cointreau, which lost 2.24%.

ASMI climbs 6.19% after raising its outlook, despite a decline in the European technology sector (-1.08%).

(Written by Claude Chendjou, edited by Augustin Turpin)

Copyright © 2024 Thomson Reuters