July 24, 2024

Taylor Daily Press

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European stock markets open higher  beursduivel.be

European stock markets open higher beursduivel.be

(APMF IN-DOW JONES) European stock markets are heading for a higher open on Thursday.

IG expects an opening gain of 60 points for the German DAX and an increase of 20 points for the French CAC 40. The British FTSE is looking to open 23 points higher.

European stock markets closed mostly lower on Wednesday, without much contribution from news or market movements from the United States, other than comments from several Federal Reserve directors.

Scoop Markets said the French had hit bottom again after Goldman Sachs warned that Marine Le Pen’s election victory would push French government debt to its highest level since 1950.

The Bank of England is scheduled to make its interest rate decision on Thursday. With May inflation numbers published on Wednesday, the market is factoring in the possibility of a rate cut in August. British services prices continue to rise sharply, despite headline inflation falling to the 2 per cent target for the first time in three years.

The Swiss Central Bank also meets on Thursday. Investors are divided on whether to cut interest rates again, after the Swiss set an example for other European central banks in March.

Several prominent Fed figures urged market participants this week to be patient for a potential interest rate cut by the Fed.

The market is still pricing in a rate cut during September, according to CME Group futures, despite Fed officials strongly hinting at a first rate cut at the end of the year, as happened in December.

“What is striking is that the market has revised down expectations from six interest rate cuts this year to no more than one, and stock markets have not been affected as a result,” said Susanna Streeter of Hargreaves Lansdowne. “The reason for that is because AI is the biggest story in town.”

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Investors are already looking forward to the PMIs that will be published on Friday. Activity in the United States is expected to slow, both in the services sector and industry.

Oil became a little cheaper. August West Texas Intermediate crude futures fell 0.1% at $81.47, while August Brent crude futures settled at $85.27, down 0.1%.

The euro/dollar is trading at 1.0750. When US stock markets closed on Tuesday, the reading was 1.0740.

Company news

Italian and French banks fell sharply after the European elections, but the sensitivity of Italian banks’ capital to higher risk premiums on Italian government loans, relative to those on bonds, has declined significantly compared to previous crises, Jefferies said. According to analysts, an increase in the spread of 20 basis points reduces the capital reserves of Italian banks by only two basis points on average.

Sneaker maker Golden Goose has decided to postpone its initial public offering. The manufacturer of fashionable sneakers reported this on Tuesday evening. Golden Goose was due to list in Milan later this week at a valuation of €2 billion.

Luxury manufacturer Kering needs more time to transform the Gucci brand, AlphaValue analysts said in response to the CFO’s comments. The price fell 0.7 percent.

According to AlphaValue, Burberry continues to struggle. The company faces a difficult consumer market in China and the United States. The price fell 1.6 percent.

Hargreaves Lansdown received a top offer of £11.40 per share from a consortium of private investors. This includes a final dividend of £0.3 per share. The value of the new offer is 5.41 billion pounds sterling. Investment bank Jefferies raised its price target from £10.35 to a new offer level and downgraded the recommendation from buy to hold. The stock rose 1.5 percent.

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Based on favorable growth prospects, Norwegian oil services company Subsea 7 will pay shareholders $1 billion in dividends from 2024 to 2027. RBC Capital Markets sees room for another 30 percent increase. RBC estimates this based on a tight market, expected growth and margin improvements. The stock rose 2.9 percent in Frankfurt.

JPMorgan on Wednesday increased its recommendation on Umicore from overweight to overweight, but its price target rose from 22.50 to 16.50 euros. The price rose 3.4 percent.

Semiconductor stocks such as ASML, ASMI, STMicroelectronics and Infineon were among the biggest losers in Europe on Wednesday. STMicro shares lost 4.6 percent.

Euro Stoxx 50 4,885.45 (-0.6%)

STOXX Europe 600 514.13 (-0.2%)

DAX 18,067.91 (-0.4%)

CAC 40 7,570.20 (-0.8%)

FTSE 100 8,205.11 (+0.2%)

SMI 12,060.24 (+0.1%)

EEX 924.78 (-0.4%)

Bill 20 3,861.38 (-0.1%)

FTSE MIB 33,220.31 (-0.3%)

IBEX 35 11,056.40 (-0.1%)

US stocks

Wall Street is set to see a flat open on Thursday.

Wall Street remained closed on Wednesday to mark the anniversary of the end of slavery. Wall Street stayed close to home on Tuesday, but Nvidia posted another nice price gain, enough to dethrone Microsoft as the largest listed company.

Asia

Asian stock markets fell on Thursday morning.

Nikkei 225 38,510.21 (-0.2%)

Shanghai Composite 3,009.76 (-0.3%)

Hang Seng 18,341.53 (-0.5%)

Currencies

The EUR/USD was trading at 1.0740 this morning. On Wednesday evening, the currency pair was trading at 1.0743.

USD/JPY 158.15 yen

EUR/USD EUR 1.0740

EUR/JPY 169.88

Overall agenda:

06:30 Consumer Confidence – June (Netherlands)

06:30 Investments – April (Netherlands)

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06:30 Unemployment – May (Netherlands)

08:00 Producer Prices – May (today)

13:00 Bank of England – Interest Rate Decision (UK)

1:00 PM Mortgage Applications – Weekly (US)

2:30 PM Building Permits and Residential Construction – May (US)

2:30 PM Help Requests – Weekly (US)

14:30 Philadelphia Fed Index – June (US)

16:00 Consumer Confidence – June vlpg (Euro)

5:00 PM Oil Inventories – Weekly (US)

Company News:

00:00 Calendula – Annual Meeting

00:00 Ibusco – Investors Day

00:00 Van Lanschot Kempen – Investors Day

Source: ABM Financial News

ABM Financial News is a resource for stock market news, video and data, both for real-time trading platforms and trading rooms and for online and offline media publications. The information in this article is not intended to provide professional investment advice or a recommendation to make particular investments.

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