Stocks rise, earnings support, Company news

Wall Street

Equities progress, results in support | Photo credits: Donald R. Swartz / Shutterstock.com

PARIS, July 29 (Reuters) – The main European stock markets are moving higher at the start of the session, driven by a series of generally well-received results, the stronger-than-expected growth of the French economy in the second quarter and speculation on the pace monetary tightening by the Federal Reserve. In Paris, the CAC 40 gained 1.24% to 6,417.86 points at 07:53 GMT. In London, the FTSE 100 takes 0.32% and in Frankfurt, the Dax advances by 0.56%. The EuroStoxx 50 index is up 0.79%, the FTSEurofirst 300 0.71% and the Stoxx 600 0.65%. The latter has so far gained 2.3% since the start of the week and is heading for its best monthly performance since November 2020. For some observers, the announcement on Thursday of a contraction in the American economy over the period April- June fuels the hypothesis of a recession but also that of an imminent slowdown in the Federal Reserve’s monetary tightening process, a point that favors risky assets. The trend is also supported by a new burst of results and forecasts, including those published Thursday evening from Apple and Amazon, which gained 3% and 12% respectively in out-of-session transactions. In Europe, the market welcomes in particular those of BNP Paribas (+3.23%), L’Oréal (+3.67%), Renault (+6.00%), Capgemini (+5.86%) and Hermès (+ 6.77%). On the other hand, still at the CAC 40, Vivendi dropped 4.41% after publishing its results and announcing that it was considering splitting up Editis to avoid any problem of concentration in the context of the takeover of Lagardère. The session will also be rich in indicators with mainly in the morning the first figures for inflation in July and growth in the second quarter in the euro zone, at 09:00 GMT. In France, economic growth rebounded more markedly than expected over the April-June period, at 0.5% according to the first results published by INSEE. (Written by Laetitia Volga, edited by Jean-Michel Bélot)


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