PARIS (Reuters) – The main European stock markets are expected to rise slightly at the opening on Friday after three sessions of decline in a context of risk aversion before the publication of important macroeconomic indicators in the United States and the legislative elections in France .
According to the first available indications, the Parisian CAC 40 could gain 0.15% at opening.
Futures contracts report increases of 0.24% for the Dax in Frankfurt and 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 figures for the PCE price index, scheduled for 12:30 GMT.
PCE inflation is the indicator of price dynamics favored by the American 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 host of indicators are also expected, including 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 Shanghai Stock Exchange composite index rose 1.08% and the CSI 300 of large capitalizations advanced 0.69%.
The Hong Kong Stock Exchange takes 0.39%.
RATE
The yield on ten-year Treasuries rises 2.0 basis points (bp) 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 Gross domestic product Q1 +0.6% +0.6%*
British GDP (final)
– over one year +0.2% +0.2%*
FROM 06:00 Retail sales May +0.0% -1.2%
– over one year nd -0.6%
FR 06:45 Consumer prices June +0.1% +0.1%
– over one year +2.5% +2.6%
FR 06:45 Consumer spending in May +0.1% -0.08%
household
FR 06:45 Producer prices May n/a -3.6%
– over one year nd -6.8%
FROM 7:55 a.m. Unemployment rate June 5.9% 5.9%
USA 12:30 May household income +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)
