* The CAC 40 is expected to rise by 0.15%, the Stoxx 600 by 0.17%
* Busy day for economic indicators
* Risk aversion dominates in Europe before the legislative elections in France
par Augustin Turpin
PARIS, June 28 (Reuters) – The main European stock markets are expected to rise slightly on Friday at the opening after three sessions of decline in a context of risk aversion before the publication of important macroeconomic indicators in the United States and the elections legislative in France.
According to the first available indications, the Parisian CAC 40 could gain 0.15% at the opening.
Futures contracts report increases of 0.24% for the Dax in Frankfurt and for the FTSE in London and 0.17% for the Stoxx 600.
At the end of a week poor in economic data, investors are awaiting the publication in the United States of the PCE price index figures, scheduled for 12:30 GMT.
PCE inflation is the indicator of price dynamics preferred by the US Federal Reserve (Fed) to define its monetary policy.
The Fed is only planning one interest rate cut this year, in December. However, investors are anticipating two rate cuts in total this year, including one in September, according to LSEG data.
In Europe, a flurry of indicators are also expected, including the final figures for British gross domestic product and, in Germany, retail sales and the unemployment rate.
In France, INSEE will also publish its data on consumer prices, household consumption expenditure and producer prices.
VALUES TO FOLLOW:
A WALL STREET
The New York Stock Exchange ended slightly higher on Thursday as investors erred on the side of caution ahead of much-anticipated inflation data, with the Nasdaq leading the gains after a report that economic activity was slowing – a factor that could help spur interest rate cuts.
IN ASIA
In China, the composite index of the Shanghai Stock Exchange increased by 1.08% and the CSI 300 of large capitalizations advanced by 0.69%.
The Hong Kong Stock Exchange takes 0.39%.
RATE
The yield on ten-year Treasuries rose 2.0 basis points (bps) to 4.3078%.
CHANGES
The dollar gained 0.15% against a basket of reference currencies.
The euro lost 0.21% to 1.0689 dollars.
OIL
The barrel of Brent and that of American light crude (WTI) gained 0.5% each.
MAIN ECONOMIC INDICATORS ON THE AGENDA FOR JUNE 28: COUNTRY GMT INDICATOR PERIOD PREVIOUS CONSENSUS GB 06:00 British Q1 gross domestic product +0.6% +0.6%* (GDP) (definitive) – over one year +0.2% +0.2% * FROM 06:00 Retail sales May +0.0% -1.2%
– over one year na -0.6% FR 06:45 Consumer prices June +0.1% +0.1%
– over one year +2.5% +2.6% FR 06:45 May consumer spending +0.1% -0.08%
household FR 06:45 Producer price May n/a -3.6%
– over one year nd -6.8% FROM 07:55 Unemployment rate June 5.9% 5.9% USA 12:30 Household income May +0.4% +0.3%
Consumer spending nd -0.1%
PCE Price Index +0.0% +0.3%
– over one year +2.6% +2.7% USA 2:00 p.m. Household morale (Michigan) June 65.8 65.6*
(final) *first estimate
(Written by Augustin Turpin)
