by Diana Mandia

(Reuters) – European stock markets ended higher on Tuesday, extending their gains from the previous day, as investors assessed a series of company results and expected more throughout the week.

In Paris, the CAC 40 gained 0.64% to 8,258.86 points, a record level. In Frankfurt, the Dax advanced 0.37% and in London, the FTSE 100 gained 0.25%.

The EuroStoxx 50 index rose by 0.18%, the FTSEurofirst 300 by 0.20% and the Stoxx 600 by 0.25%.

Despite some hesitation during the session, the stock markets maintained their progress on Tuesday amid a shower of results, helped by the easing of fears regarding trade and regional American banks.

After Edenred, whose surge to XXX% helped the CAC 40 hit a record on Tuesday, results from luxury giant Hermès, supermarket group Carrefour and tire manufacturer Michelin, among others, are expected on Wednesday, which will give an idea of ​​the situation in key sectors of the European economy.

According to the latest LSEG I/B/E/S data, the outlook for European companies has deteriorated slightly, with the continent’s groups expected to post an average 0.2% rise in third-quarter profits, lower than the 0.5% growth forecast by analysts a week ago.

The climate is more calm regarding the trade escalation between the United States and China, the tenant of the White House having expressed his wish to reach a fair agreement with the Asian giant, while fears concerning the American regional banks, which shook the stock markets last week, have also calmed.

Bets on future rate cuts by the Federal Reserve (Fed), as well as comments from White House economic adviser Kevin Hassett that the federal government shutdown is expected to end this week, have also encouraged investors to dive back into stock markets, which are trading at high levels despite recent turmoil.

Investors’ attention should also gradually focus on the monetary policy of the euro zone, since the European Central Bank (ECB) will meet next week and is very likely to keep its rates unchanged for the third time in a row.

VALUES

The restaurant voucher specialist Edenred gained 19.64% and signed the best performance of the CAC 40 on Tuesday, after reporting operational turnover above expectations in the third quarter. In its wake, its competitor Pluxee jumped 6.8%.

The action of the French analysis laboratory group Eurofins, for its part, fell by 2.19% on Tuesday after the announcement of weaker than expected organic growth in the third quarter and a warning concerning the impact of currency effects.

OVHcloud, which announced on Tuesday the return with immediate effect of its Franco-Polish founder Octave Klaba as CEO and published its annual results, fell by 20.2%.

In other corporate news, BNP Paribas ended down 1.69% after a difficult session on Monday, as a US federal jury found the French bank guilty of helping the Sudanese government commit abuses by providing services that violated US sanctions. Its financial director, Lars Machenil, also indicated on Tuesday that the group had not made provisions concerning the dispute in its third quarter accounts.

Elsewhere in Europe, Novo Nordisk lost 1.35%, the Danish laboratory having announced that its president, Helge Lund, and six other members of the board of directors would resign at the extraordinary general meeting scheduled for November 14, after a dispute over strategy with the group’s majority shareholder, the Novo Nordisk Foundation

A WALL STREET

On Wall Street, the indices are moving in scattered order, with investors also examining an avalanche of results from companies such as General Motors and Coca-Cola.

At closing time in Europe, the Dow Jones rose 0.75%, the Standard & Poor’s 500 advanced 0.09% and the Nasdaq Composite fell 0.19%.

Warner Bros. Discovery (WBD) stock is up more than 10% as the American entertainment giant said it was considering putting itself up for sale, due to interest from several potential buyers.

CHANGES

The depreciation of the yen after the appointment as Japanese Prime Minister of the nationalist Sanae Takaichi, supporter of an accommodating policy, benefits the American dollar, which gains 0.29% compared to a basket of reference currencies.

The euro lost 0.25% to 1.1611 dollars.

RATE

Euro zone bond yields fell on Tuesday as investors remained cautious after recent fears over the health of US regional banks and escalating trade.

The ten-year German Bund yield lost 3.2 basis points to 2.5521%. The two-year fell 0.7 basis points to 1.9146%.

In France, the ten-year OAT yield lost 2 basis points to 3.3445%

In the United Kingdom, the 10-year Gilt fell 2.8 basis points to 4.484%. Investors are also awaiting British inflation data in September, due Wednesday, which should show that prices rose to 4% from 3.8 in August.

In the United States, yields are also falling as investors continue to position themselves for multiple interest rate cuts by the Fed this year and next.

The yield on ten-year Treasuries fell 3.3 basis points to 3.9551%. The two-year yield for its part dropped 2 basis points to 3.4445%.

OIL

Concerns over excess oil supply have subsided and are pushing crude prices up in a rather volatile session.

Brent rose 0.49% to $61.31 per barrel and American light crude (West Texas Intermediate, WTI) rose 0.57% to $57.85.

TO BE CONTINUED ON OCTOBER 22:

(Some data may have a slight lag)

(Written by Diana Mandiá, edited by Augustin Turpin)

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