THE EUROPEAN SCHOLARSHIPS GROW AT THE BEGINNING OF THE SESSION

by Marc Angrand

PARIS (Reuters) – The main European stock markets rose at the start of Wednesday’s session, erasing some of the ground lost in previous sessions, before the publication of a series of US economic indicators.

In Paris, the CAC 40 gained 0.38% to 7,071.48 points around 08:35 GMT. In London, the FTSE 100 takes 0.5% and in Frankfurt, the Dax advances by 0.1%.

The EuroStoxx 50 index is up 0.31%, the FTSEurofirst 300 0.47% and the Stoxx 600 0.42%.

The latter has just chained four consecutive sessions of decline which ended in a decline of nearly 2.2% and it touched in session Tuesday its lowest level since November 2.

Investors wait at 09:00 GMT for the Ifo business climate index in Germany but the session will be especially animated by a heavy fire of American indicators on the eve of the Thanksgiving holiday: on the agenda are among others the second estimate of the US third quarter gross domestic product (GDP), monthly household income and expenditure statistics and weekly jobless claims figures.

The Federal Reserve will then release the minutes of its monetary policy meeting earlier this month at 6:00 p.m. GMT.

In France, INSEE reported an improvement in the business climate in November, in industry as well as in services.

Markets also remain on the lookout for possible new additional health restrictions in the face of the resurgence of the COVID-19 epidemic in Europe. In France, the Minister of the Economy, Bruno Le Maire, estimated that the “fifth wave” did not threaten growth.

The rise in oil and base metal prices also provides solid support to the general trend: the Stoxx commodity index rose 1.39%, that of energy by 1.11%.

In terms of values, Elior gained 3.79% after having said it was counting for its 2021-2022 fiscal year on organic growth of at least 19% and an operating margin (adjusted EBITDA margin) of between 2.0% and 2 , 5%.

In Milan, Telecom Italia gained 8.37% after information from Bloomberg according to which the American fund KKR is studying an increase in its takeover bid.

Vivendi, the largest shareholder of the Italian group, won 2.1% in Paris, the best performance of the CAC 40.

(Written by Marc Angrand, edited by Jean-Michel Bélot)

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