EU stock markets are moving cautiously

The European stock markets are cautious as the quarterly reporting season progresses. Markets are acting cautiously ahead of a range of macroeconomic data expected next week, particularly price developments in the United States. Elements that will be useful for central banks in making decisions about cutting interest rates. On the currency side, the euro fell to 1.0769 against the dollar. The Stoxx 600 index showed little change (+0.01%). London (+0.07%) and Frankfurt (+0.02%) remained unchanged, the latter after confirmation of a slowdown in inflation. Paris and Madrid are declining (-0.2%). The price lists are burdened by the energy suppliers (-0.7%), with the gas price falling by 2.1% to 27.2 euros per megawatt hour. Cosmetics fell (-2%), including L’Oreal (-7%), after first-quarter results fell short of analysts’ expectations and sales fell in North Asia. Sales to banks (-0.4%) and insurance companies (-0.2%). The luxury sector is growing (+0.5%), with Hermes making a jump (+4.3%) compared to last year’s results. Energy rises (+0.6%) parallel to the price of oil. WTI rose 0.4% to $76.5 a barrel. Brent rose 0.2% to $81.7. The pharmaceutical industry is doing well (+1.1%). Government bonds barely moved. The spread between BTPs and federal bonds is stable at 157 points, the yield on the ten-year Italian bond is 3.93 percent.