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PARIS / LONDON (dpa-AFX) – Europe’s most important stock markets rose slightly on Tuesday morning. The leading index EuroStoxx 50 (EURO STOXX 50) gained 0.14 percent to 4122.56 points.
The upward trend on the French stock exchange was a little clearer. The CAC 40 gained 0.8 percent to 6729.18 points, the British FTSE 100 advanced 0.34 percent to 7106.06 points.
However, analyst Jochen Stanzl from broker CMC referred to the continuing negative factors that could stand in the way of large price gains: “The spread of the delta variant is unsettling, the bar in the reporting season is too high to be able to generate positive surprises, and then it would be Then there is the issue of inflation, which is likely to weigh on corporate profit margins in the coming weeks. “
The renewed caution on the market with a view to Corona was reflected in the losses of the travel and leisure companies, which formed the end of the individual sectors. It looked better in the banking sector. The French major bank Societe Generale (SocGen) (Socit Gnrale (Societe Generale)) is somewhat more optimistic about the current year after a surprisingly high profit in the second quarter. In the three months from April to June, the bank, like many of its competitors, had to set aside significantly less for default on loans than it did a year ago. The stock climbed over five percent.
The oil sector, which advanced 1.9 percent, also benefited from good corporate news. The British group BP pays more dividends for the first time in a year in view of a surprisingly high quarterly profit. In addition, the energy multinational is now starting a share buyback of 1.4 billion US dollars, which will be financed from excess cash generated in the first half of the year.
A takeover caused a sensation among pharmaceutical stocks, which were also sought-after. The French pharmaceutical company Sanofi wants to strengthen its business around mRNA applications with the billion-dollar takeover of the US biotech company Translate Bio. JP Morgan analyst Richard Vosser rated the move as strategically sensible. MRNA technology should drive the development of vaccines. Sanofi advanced by 0.6 percent./mf/mis