(AOF) – European equity markets are falling as we approach mid-session in the wake of the negative orientation of index futures on Wall Street. Investors fear a very aggressive response from the Fed to counter inflation at its highest in 41 years in the United States. This caution is also motivated by the start of the US corporate earnings season this afternoon. Finally, the European Commission has just reduced its growth forecasts and increased those for inflation. The CAC 40 lost 0.72% to 5,957 points and the Euro Stoxx 50, 0.68% to 3,430 pts.
Swatch Group gained 1.4% to 236.9 Swiss francs supported by solid half-year results and the confirmation of its annual forecasts. Like the rest of the luxury sector, the manufacturer of Omega, Tissot and Longines watches is resisting the war in Ukraine and the drop in demand in China linked to the pandemic. Over the six-month period to the end of June, the Swiss giant made a net profit of 320 million Swiss francs, up 18.5%. The AWP consensus was counting on 334 million.
TFF Group, formerly Tonnelleries François Frères, gained 2.8% to 33 euros supported by robust annual results and encouraging forecasts. The maker of barrels for wine, whiskey and bourbon raised its dividend by 14% to 0.4 euros per title. During its 2021/2022 financial year ended April 30. the net income of the family group jumped 78% to 36.6 million euros thanks in particular to the contribution of a significant exchange rate effect. Current operating income increased by 4.1% to 38.3 million, representing a margin of 12.7% against 14.1% a year earlier.
The macroeconomic figures of the day
Investors will be satisfied in the United States at 2:30 p.m. with weekly jobless claims and producer prices in June.
Around noon, the euro lost 0.14% to 1.0046 dollars.
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