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.
Source: Brecorder
