European were muted at the open on Wednesday as investors braced for a crucial no-confidence vote by French lawmakers that will likely oust Prime Minister Michel Barnier’s government.
The pan-European STOXX 600 index was up 0.1% at 0810 GMT, on track for its fifth straight session of gains, after closing at a one-month high on Tuesday, with Germany’s DAX rising 0.5%. France’s CAC 40 was up 0.05%.
The European retail and tech led sectoral gains, advancing 0.8% and 0.6%, respectively. French lawmakers will vote on no-confidence motions that, barring a last minute surprise, would oust the French government of PM Barnier, at a time when the country is struggling to tame a massive budget deficit.
The debate is due to start at 1500 GMT, with voting expected a few hours later.
Barnier said he is open to budget talks with Marine Le Pen’s far-right National Rally (RN) and other parties, and is hopeful of surviving the no-confidence vote.
European shares settle at one-month high
The Paris-listed shares of Stellantis climbed over 1%, aiding France’s CAC 40, after a report that Apple’s outgoing CFO Luca Maestri could become the new CEO of the Italian-French carmaker.
However, the company later denied such claims. On the economic data front, the euro zone’s monthly PMI and producer prices data are expected during the day.
European were muted at the open on Wednesday as investors braced for a crucial no-confidence vote by French lawmakers that will likely oust Prime Minister Michel Barnier’s government.
The pan-European STOXX 600 index was up 0.1% at 0810 GMT, on track for its fifth straight session of gains, after closing at a one-month high on Tuesday, with Germany’s DAX rising 0.5%. France’s CAC 40 was up 0.05%.
The European retail and tech led sectoral gains, advancing 0.8% and 0.6%, respectively. French lawmakers will vote on no-confidence motions that, barring a last minute surprise, would oust the French government of PM Barnier, at a time when the country is struggling to tame a massive budget deficit.
The debate is due to start at 1500 GMT, with voting expected a few hours later.
Barnier said he is open to budget talks with Marine Le Pen’s far-right National Rally (RN) and other parties, and is hopeful of surviving the no-confidence vote.
European shares settle at one-month high
The Paris-listed shares of Stellantis climbed over 1%, aiding France’s CAC 40, after a report that Apple’s outgoing CFO Luca Maestri could become the new CEO of the Italian-French carmaker.
However, the company later denied such claims. On the economic data front, the euro zone’s monthly PMI and producer prices data are expected during the day.
American Dollar Exchange Rate