Europe midday: Stocks bounce back on speculation around US-China trade talks
Airbus Group N.V.
€157.06
17:04 26/04/24
Stocks are staging a partial come back from the previous day's losses on the back of talk in markets that officials in both Beijing and Washington might be eyeing the possibility of restarting talks on trade.
CAC 40
8,016.65
17:00 26/04/24
DJ EURO STOXX 50
4,939.01
23:59 25/04/24
Overnight, China's Minister of Commerce, Wang Shouwen, reportedly said the two countries should engage with each other to resolve their "trade problem".
According to Bloomberg, who cited a person familiar with the administration's thinking, there was "some willingness" on the part of the White House to resume high-level talks.
Against that backdrop, as of 1213 BST, the benchmark Stoxx 600 was adding 0.65% or 2.49 points to 383.88, alongside a rise of 0.60% or 74.49 points to 12,491.35, while the Cac-40 was registering an advance of 0.77% or 41.26 points to 5,395.19.
In parallel, euro/dollar was off by 0.14% to 1.6567, alongside a 1.198% jump in Brent crude oil futures for September delivery to $74.29 a barrel.
Economic news out on the Continent was light on the ground, albeit slightly better-than-expected, with harmonised consumer prices in France printing at up by 2.3% year-on-year for the month of June, versus forecasts from economists calling for a rise of 2.3%.
Euro area industrial production for May meanwhile printed at up by 2.4% on the year (consensus: 2.3%), Eurostat reported.
At 1330 BST, the US Bureau of Labor Statistics is set to publish its consumer price index data for the month of June, with economists anticipating a year-on-year rise in the headline rate of 2.9%, up from 2.8% in the month before.
Core prices meanwhile were seen printing at 2.3%, versus a reading of 2.2% for the month before.
In corporate news, Reuters reported that Airbus had racked-up over $1bn in undelivered jets to China's debt-laden HNA Group.