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European markets react to France election, German inflation data

Poster of Christophe Versini for the Rassemblement National (National Rally) party, with Marine Le Pen and Jordan Bardella on it, on June 24, 2024. 

Magali Cohen | Afp | Getty Images

LONDON — European stocks ended the first day of the new trading week higher, as regional investors took in the results of the first round of France’s snap parliamentary election.

Europe’s Stoxx 600 index closed up 0.44%, rebounding from four straight losses. That was driven by a sharp rise in France’s CAC 40 index, which initially jumped more than 2.5% before cooling to a 1.09% gain.

European markets are reacting to the results of the first round of the snap parliamentary election in France in which there was a sharp upswing in votes for the anti-immigrant National Rally party.

Initial results point to it struggling for an absolute majority in the second round of voting that takes place July 7, however, which analysts say would be the “least bad” result from a market perspective. French President Emmanuel Macron’s centrist alliance came in third place Sunday.

On the data front, inflation in Germany fell in five key states in June, while the national consumer price index on an EU-harmonized basis declined to 2.5% from 2.8% in May. Economists polled by Reuters expected a reading of 2.6%.

That comes ahead of the euro zone inflation print on Tuesday.

Asia-Pacific markets started the second half of the year mixed as investors assessed June business activity data from China as well as Japan’s business confidence readings.

Meanwhile, U.S. stocks rose as Wall Street looked ahead to the second half of 2024 after a strong finish to the first half of the trading year.

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