European stocks are moving higher for the second consecutive day, with investors focusing on US inflation data to be announced on Thursday, but also on a new round of corporate results.
Markets are awaiting data from the US Department of Labor on the January Consumer Price Index, a week after the better-than-expected New Jobs report sent a signal that the US Federal Reserve could be more aggressive in raising interest rates, with analysts no longer ruling out a 50-point rise in US interest rates in March. According to estimates, data on inflation in the US is expected to show that prices rose by 0.4% in January, and by 7.2% compared to a year earlier.
In the scope of results the French bank BNP Paribas announced net quarterly earnings today that exceeded analysts’ estimatesthanks to lower forecasts for the pandemic, and added that it expects net profits to grow more than 7% each year until 2025. However, its share is falling in current trading by 3.6%.
BP Plc has announced that it is launching a $ 1.5 billion treasury plan. higher than expected profits for the fourth quarter of 2021, with its share adding more than 1.5%.
On the other hand, Softbank Group announced vertical drop of 97% of quarterly profits as well as the collapse of talks on the sale of Arm processors manufacturing company for $ 60 billion, intensifying pressure on the Japanese group to support its shares. Softbank securities lose about 1%.
In this climate, the pan-European index Stoxx 600 adds 0.2% to 466 points, with the core resource sector climbing 1.1% and leading the profits, while the technology sector loses 0.6%.
In the individual dashboards, the German index DAX marks marginal gains at 15,215 points, the French CAC 40 adds 0.1% to 7,015 points and the British FTSE 100 gains 0.45% to 7,600 points.
On the periphery, the Italian FTSE MIB climbs 0.33% to 26,420 points and the Spaniard IBEX 35 marks an increase of 0.8% to 8,625 points.
Meanwhile, The stock markets in the Asia-Pacific region are moving with mixed signs on Tuesday, with markets in mainland China recording the biggest losses. In particular, the Shenzhen index plunged 2.77%, while the Shanghai Composite fell 0.9%. In the Hong Kong The Hang Seng index slipped 1.54% as Chinese tech stocks fell: Alibaba lost 3.48%, Tencent fell 1.63% and Meituan fell 4.07%. Hang Seng Tech is at -2.28%.
Source: Capital
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