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European stocks lower around noon

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European stocks lower around noon

(ABM FN-Dow Jones) European stocks were lower on Friday as there is less optimism in the market about a quick solution to the war in Ukraine.    

The broad-based STOXX Europe 600 index was down 0.2 percent at 449.50 points on Friday around noon. The German DAX dropped 1.1 percent to 14,235.50 points. The French CAC 40 recorded a loss of 0.8 percent with a position of 6,557.84 points. The British FTSE fell 0.4 percent to 7,355.87 points on Friday.

Ukraine and Russia seem to be making little progress in their negotiations. “Stock markets remain very sensitive to the effects of the conflict and as we enter the fourth week after the raid, negotiators are barely getting any closer,” said Hargreaves Lansdown analyst Susannah Streeter.

US President Joe Biden is expected to talk today with his Chinese counterpart Xi Jinping about developments around Russia. “This is causing some nervousness among investors, given the tense relationship between Russia and the US,” the analyst said. Biden said Thursday that he has little confidence in the negotiations between Ukraine and Russia. The US president sees no signs that Putin is ready to end the invasion.

“The US is very concerned that China is considering providing Russia with military equipment,” SEB analysts said.

The eurozone exported almost 19 percent more in January, but imports showed an increase of just 45 percent, which means that the currency union is looking at a deficit on the trade balance in the first month of the year.

Oil became more expensive on Friday. An April West Texas Intermediate future was quoted 1.1 percent in green at $104.14, while a May Brent future was paid $107.55, an increase of 0.9 percent.

The euro/dollar traded at 1.1041. At the start of the trading day, the currency pair moved at 1.1077 and when the US stock exchanges closed on Thursday, there was a position of 1.1097 on the plates.

Company news

On the Paris stock exchange, three of the forty main shares recorded price gains, of which only the Eurofins Scientific share was in the spotlight with a price gain of 1.8 percent.

In Frankfurt, eight main stocks were higher, led by the share price of meal box delivery company Hellofresh, which rose 4.4 percent, followed by the 2.0 percent gain of the share of online fashion chain Zalando.

Sharper declines than 2 percent on Friday have not yet occurred on both stock exchange floors.

Futures Wall Street

US stocks are expected to open lower on Friday. Futures on the S&P 500 index were 0.2 percent in the red.

The S&P 500 rose 1.2 percent on Thursday at 4,411.67 points and the Dow Jones index also gained 1.2 percent at 34,480.76 points. The Nasdaq closed 1.3 percent in plus at 13,614.78 points.

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