PARIS (Reuters) – The main European stock markets showed slight variations on Tuesday, in a wait-and-see context while all eyes are on the American presidential election.

In Paris, the CAC 40 lost 0.02% to 7,370.12 points around 08:35 GMT. In London, the FTSE 100 gained 0.01% and in Frankfurt, the Dax lost 0.17%.

The EuroStoxx 50 index increased by 0.08%, while the FTSEurofirst 300 lost 0.15%. The Stoxx 600 grabs 0.02%.

Futures contracts on Wall Street predict an increase of 0.04% for the Dow Jones, 0.06% for the Standard & Poor’s 500 and 0.17% for the Nasdaq the day after a session in the red.

American voters go to the polls this Tuesday to choose their future president, a historic vote in the world’s largest economy whose fractures are illustrated in the bitter and indecisive duel between Democrat Kamala Harris and Republican Donald Trump for the White House.

The two candidates are neck and neck in the polls, which limits risk-taking on the markets.

A Donald Trump victory could lead to more protectionist policies, which could fuel inflation and hurt exports in the world’s largest consumer market. A victory for Kamala Harris should extend the policy initiated by Joe Biden, the outgoing president.

“Ultimately, the American election comes down to this: does the American electorate want to vote for economic policy continuity, institutional stability and liberal democracy (Harris) or for radical trade policy, a new decline in globalization and authoritarian democracy (Trump)?”, write JPMorgan analysts in a note.

A sign of a certain nervousness, the volatility index on the Euro Stoxx 50 remains above 20 points.

While awaiting the outcome of the American election, macroeconomic indicators and company results are also setting the pace for trade. The Caixin survey in China showed that activity in the services sector accelerated in October to its fastest pace in three months, which allowed Asian markets to finish in the green.

Service activity figures are also expected this Tuesday in Great Britain and the United States.

In terms of company results, Bouygues climbed almost 5% after reporting on Tuesday a better-than-expected current operating profit from activities (ROCA) over nine months.

Carrefour shares rose 3%, with the Bloomberg agency reporting that the retailer is studying options to increase its valuation.

German automotive supplier Schaeffler fell 2.92% after a fall of almost 50% in its operating profit in the third quarter. The group, present in particular in Haguenau (Bas-Rhin) and Chevilly (Loiret), also announced on Tuesday its intention to cut 4,700 jobs in Europe.

Zalando is down 3.5% after publishing its preliminary results for the third quarter.

Associated British Foods gained 2.27% after reporting a 32% jump in its annual profit.

DHL lost 1.87%, the German logistics giant having announced on Tuesday a net profit below analysts’ expectations.

Adecco fell 6.81% due to a drop in revenue in the third quarter.

(Written by Claude Chendjou, edited by Blandine Hénault)

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