Stock markets cannot hold strong gains

PARIS/LONDON Investors continued to question whether inflation had peaked “and with it interest rate expectations and economic doom,” wrote Oanda analyst Craig Erlam. European consumer prices in June, which will be published later in the week, could shed some light on this. According to Erlam, inflation should slow down to such an extent that the central banks do not send the economy into a recession with their interest rate hikes.

The French Cac 40 fell 0.43 percent on Monday to 6047.31 points. The British FTSE 100, on the other hand, rose by 0.69 percent to 7258.32 points. Here, the profits of the mining companies provided tailwind, whose prices benefited from rising raw material prices.

Looking at the sectors, the raw material producers were ahead with an average increase of almost two percent. The corresponding index had fallen to its lowest level since early December on Friday and is now recovering. The price of the industry giant Rio Tinto rose by 1.5 percent. A success in a US appeals process in connection with land claims for a copper mine in the state of Arizona was considered beneficial here.

Technology stocks rose by a similar amount, with their index gaining 1.6 percent. Here, in turn, the shares of Prosus as the EuroStoxx leaders were clearly in the lead with a price jump of almost 16 percent. The Dutch internet holding wants to reduce the discount on the market value for the valuation of the holdings by buying back more of its own shares and shares from the mother Naspers.

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The prospect of share buybacks also helped the major Italian bank Intesa Sanpaolo, whose price premium was limited at 0.6 percent. The bank has received regulatory approval from the European Central Bank (ECB) to buy back its own shares worth up to EUR 3.4 billion.

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