Stoxx 600 with the best session in the last month and a half – markets in a minute

Stellantis shines in Europe wearing green. Energy changes turns and throws Lisbon into negative territory

Europe started the session mostly green, after the US Federal Reserve (Fed) showed signs that it may slow the pace of interest rate hikes in the coming months.

Stoxx 600 added 0.49% to 430.22 points. Among the 20 sectors that make up the European benchmark, mining and real estate lead the gains, while telecommunications and food products lead the losses.

Among the main market moves, Stellantis shines with a rise of 3.14%, after the results of the first half exceeded analysts’ estimates, and the company led by Portuguese Carlos Tavares maintained its profitability forecast for this year at double digits.

In contrast, Shell added 2.13% after it announced record earnings and announced that it would accelerate the company’s share buyback program.

In other European markets, the start of the session was mainly green: Frankfurt gained 0.11%, Paris gained 0.36%, Amsterdam accumulated 0.39%, Milan gained 1.17%. London is trading on the waterline (0.02%), while Madrid (-1.09%) and Lisbon (-0.27%) are the only ones escaping this trend.

Here, the PSI reversed the session into negative territory after starting the day at a one-month high. The energy sector was the main reason for this movement, with EDP leading the losses (-2.30%), followed by Greenvolt (-1.36%), Galp (-1.01%) and REN (-0.91%), thus the opposite. The course is with the European standard, where oil and gas account for 1.75%.

Today is a particularly important day for Lisbon: EDP, Sonae, Altri and REN present their results for the first quarter.

For Europe, in general, “today is a key day, because by the end of the session it will be possible to determine whether market sentiment regarding the Fed is positive or negative,” Cesar Gimeno, asset manager at Maphre AM, commented to Bloomberg.