EUROPEAN STOCK EXCHANGES OPEN SHARPLY LOWER
PARIS (Archyde.com) – The main European stock markets fell sharply at the start of the session on Monday, the fears of an economic slowdown with the restrictions linked to the COVID-19 in China and a rapid rise in interest rates in the United States penalizing the all major equity markets.
In Paris, the CAC 40 lost 1.87% to 6,458.36 points at 07:55 GMT. In London, the FTSE 100 lost 1.84% and in Frankfurt, the Dax fell 1.37%.
The EuroStoxx 50 index is down 1.84%, the FTSEurofirst 300 1.46% and the Stoxx 600 1.64%.
Futures on major Wall Street indices point to a negative open following an already unfavorable session on Friday due to global growth fears.
Investors remain concerned regarding the prospect of accelerated monetary tightening in the United States to counter inflation as well as the evolution of the COVID-19 epidemic in China, in particular in its economic center Shanghai but also in Beijing. .
The Nikkei in Tokyo fell 1.9%. In China, the CSI 300 and the Shanghai Composite Index fell 4.94% and 5.13% respectively, to the lowest since mid-2020.
In this context, the re-election of Emmanuel Macron as President of the Republic in France is not enough to reverse the trend, especially since his victory once morest Marine Le Pen was expected by market players.
Apart from the defensive “utilities” sector (+0.21%), all the compartments fell in the first trades.
The Stoxx index of basic resources (-5.54%) and that of energy (-3.63%) show the largest declines, the fear of a long confinement in China fueling worries on the demand for industrial and petroleum metals.
ArcelorMittal (-6.04%) and TotalEnergies (-2.92%) account for the largest declines in the CAC 40.
Valneva falls 14.99% following the European Medicines Agency’s request to the French laboratory for additional data on its vaccine candidate once morest COVID-19.
Philips fell 10.6% in Amsterdam following announcing a drop in its quarterly operating profit.
On the rise, Ubisoft gained 5.59% following an article from the Bloomberg agency on Friday evoking the interest of investment funds for the game publisher.
The ready-to-wear group Ted Baker took up 4.7% following a press report that Authentic Brands, owner of Reebok, was considering the possibility of making a purchase offer.
(Laetitia Volga, edited by Bertrand Boucey)
