Equity markets stagnate amid uncertainty over interest rates
July 04, 2023 at 01:21 pm IST
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Europe's main stock markets wavered in the morning trading session on Monday against a backdrop of cautious risk appetite, as uncertainty remained high about the future course of central banks.
In Paris, the CAC 40 gained 0.14% to 7,397.23 points around 07:35 GMT. In London, the FTSE 100 remained unchanged (-0.03%), while in Frankfurt, the Dax gained 0.06%.
The EuroStoxx 50 index gained 0.16%, the FTSEurofirst 300 0.10% and the Stoxx 600 0.16%.
Wall Street will be closed on Tuesday, American Independence Day, which should limit risk-taking on the markets.
Uncertainty over the future course of central banks is weighing on investors, while weaker-than-expected economic data published on Monday has raised fears of a slowdown in the major Western economies.
Australia's central bank paused in its rate hike, but said it had not yet reached its terminal rate, fuelling fears that inflation may prove more resistant than expected to the tightening of monetary policies in wealthy countries.
On the European equity markets, Virbac (-9.4%) tumbled to the bottom of the SBF 120 after an earnings warning.
Casino shares were the best performers on the SBF 120 after a volatile opening, up 10.4% as the retailer confirmed receipt of two proposals to strengthen its capital base. (Report by Corentin Chappron)
Virbac specializes in the research, production and marketing of veterinary medicines. The activity is organized around 2 product families:
- pet medications: pest control drugs, vaccines, antibiotics, anesthetics, anti-inflammatory drugs, mouth/dental care products, ophthalmologic and dermatological products intended for dogs, cats, horses, birds, rodents, etc. The group also offers foods and electronic identification chips;
- livestock medications: pest control drugs and antibiotics intended for cattle, sheep, pigs, poultry, etc.
Net sales are distributed geographically as follows: France (15.4%), Europe (26.2%), Latin America (17.1%), Asia (16.4%), North America (13.2%), Pacific (9.3%), Africa and Middle East (2.4%).