PARIS / LONDON (dpa-AFX) – European stocks recovered on Tuesday from the slight losses of the previous day. The business ran smoothly. The EuroStoxx 50 (EURO STOXX 50) rose by 0.22 percent to 3917.92 points at midday. At the same time, the French CAC 40 was 0.1 percent higher at 6640.96 points. Meanwhile, Britain’s FTSE 100 benefited from strength in oil and commodity stocks. The index rose by 0.78 percent to 7434.31 points.
Trading is cautious again. “In view of the forthcoming public holidays in Japan and the USA, market participants are showing themselves to be rather defensive and cautious,” says market expert Andreas Lipkow. Upcoming speeches by members of the US Federal Reserve could provide impetus. Recently, US central bank officials had dampened hopes for a less strict monetary policy course and emphasized the need to fight inflation, as analyst Pierre Veyret from broker ActivTrades emphasized.
By far the strongest sector was oil stocks. They were reacting to the statement by the Saudi oil minister that the Opec+ countries do not want to increase supply. In addition, Citigroup made positive comments and raised the price targets of numerous oil stocks. In the wake of the oil sector, the commodity stocks also recorded a noticeable plus.
Suppliers were also in demand. The news was well received that the Italian company Enel wants to reduce its debt by selling billions of shares. The largest energy company in Italy plans sales of 21 billion euros. Analysts were positive given the company’s high debt. Enel climbed 1.5 percent.
Technology stocks, on the other hand, posted losses. The specifications from Asia and the USA weighed on. One exception was shares in Spain’s Indra Sistemas, which posted gains. The analysts from Oddo BHF see a potential of around 70 percent for the shares of the Spanish information technology company./mf/stk