European stock markets are failing and are looking for new incentives to extend the good tone | Financial Markets

2024-09-25 15:52:15

Investors’ hopes for the stimulus announced by China have faded and European stock markets have risen in a day of consolidation in which Brent oil has turned lower and the tone of the European economy is beginning to question itself.

The Ibex has fallen by 0.38% and lost the level of 11,800 points in a session where the most beneficial values ​​have been corrected in the previous day. Acerinox has lost 1.8%, while Puig has lost 1.68% and Arcelor Mittal has lost 1.02%. Inditex was not spared from the falls either, falling 1.65% in a session where cuts prevailed. Fluidra led the way against increases, with 2.37%, followed by Solaria (2.34%) and Redeia (1.16%).

European equities were steady in the red, with France’s Cac down 0.54% and Germany’s Dax down 0.39% after hitting all-time highs the previous day. The Euro Stoxx 50 was not spared either, falling 0.47% in a session of gains among airlines following an upgrade on Air France-KLM by JP Morgan. The French airline holding company rose 6.8%, while IAG advanced 0.25%.

Among the falls, SAP shares fell 2.4% after US authorities investigated the company for price fixing.

In the debt market, the yield on Spain’s ten-year bond has again separated itself from the yield on Spain’s bond at the same term, a day after France’s risk premium reached levels not seen since 2008. that is, the yield on the Spanish bond After ten years stands at 2.98%, while the French rate for the same period falls to 2.967%. Chris Iggo, from fund manager AXA Investment Managers, points out that “fixed income returns are still quite attractive and should become even stronger relative to cash in the coming months. Most investors should be happier with growth equities. We shouldn’t rule out an upside surprise in tech earnings in the third quarter and in 2025. The bull market could last well into next year.”

At the macroeconomic level, in the absence of more relevant data, investors remain cautious on the publication of the CTP in the United States on Friday, the Fed’s preferred measure to calibrate prices. The market hopes that the data will show a cooling of inflation and a new rate cut at their next meeting in November.

In the dividend department, in Europe, the Italian oil company ENI It rewards the loyalty of its shareholders with the first interim dividend of 2024, the amount of which is 0.25 euros gross per share.

Excerpts

STOCK MARKETS – MONEY – DEBT – INTEREST RATES – RAW MATERIALS

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