The major European stock markets rose Tuesday in the red by late morning after the announcement of an unexpected decline in economic sentiment in the euro area in August.
Around 12:25, the CAC 40 index yields 0.21% to 3147.48 points after opening up. Since the beginning of the benchmark index of the Paris market lost more than 14%.
According to stakeholders, the shares continue to consolidate, in an atmosphere of caution after the shock of bearish early August.
"It is a market without enthusiasm, which is still afraid of a correction, market pure waiting, with U.S. unemployment figures Friday in focus," said Frederic Rozier, manager at Meeschaert Private.He sees a strong resistance to the CAC 40 index to 3,260 points.
Alexander the Drogoff, technical analyst at Aurel BGC, agrees that the market could resume its downtrend after a waiting period. He does not see the CAC 40 exceed 3,400 points, before a relapse to 2890 points and its lows of 2009 and 2003 around 2450.
Other major European markets, London, which was closed Monday, gaining 2.35% while Frankfurt lost 0.49% and 0.77% Milan.The pan-European Euro Stoxx 50 index was down 0.34%.
S & P: RECESSION CAN BE AVOIDED
In addition, Standard & Poor's lowered its economic growth forecasts for the eurozone to 1.7% for 2011 and 1.5% for 2012 and believes that a spin in a recession can be avoided, even if the risk s 'increase.
Bank stocks were among the first to turn around, the Stoxx sector in the euro area losing 0.64%. Societe Generale lost 1.7% and 1.1% Credit Agricole.An article in the Financial Times reports that according to the International Accounting Standards Board (IASB), the impairment recorded by some financial institutions on their Greek sovereign bonds were not large enough.
Mining stocks, however, remains strong, the index increased 3.5%, supported by the agreement between ArcelorMittal (0.28%), Peabody Energy and Macarthur Coal on the terms of the acquisition of specialist Australian coal sprayed.
In the bond market, the auction of government bonds in Italy this morning met with a relatively low demand, despite the purchase of the European Central Bank in recent weeks, creating nervousness.
For its part, the performance of the same maturity Bunds declined to 2.17%, 2.22% against the previous day.
The euro cup against the greenback at 1.4388 / 90 dollars, against 1.4513 the previous day in the afternoon.
A barrel of U.S. light crude dropped by 0.74% to 86.63 dollars and Brent from 0.21% to 111.64 dollars.