Les actions européennes devraient repartir de l'avant

Les actions européennes devraient repartir de l’avant

EUROPEAN STOCK EXCHANGES EXPECTED ON THE RISE

by Laetitia Volga

PARIS (Reuters) – Major European stock markets are expected to open on a positive note on Tuesday, buoyed by encouraging news on the front lines of the COVID-19 epidemic in China, but vigilance remains in order given the lingering uncertainties over the economic situation. .

The first indications available give an increase of 0.7% for the Parisian CAC 40, 0.9% for the Dax in Frankfurt, 0.45% for the FTSE in London and 0.9% for the EuroStoxx 50 .

The trend of the day looks more optimistic than Monday thanks to the decline in the number of new cases of COVID-19 in China and the absence of positive cases for three days outside the quarantine zones in Shanghai, a condition normally required at the lifting of traffic restrictions.

But concerns about the economic outlook remain in the background after the publication the day before of indicators below expectations in China and the United States, which revived fears among investors about the slowdown in the global economy, already facing the tightening of central bank policies in the face of inflation.

The intervention of the chairman of the Federal Reserve, Jerome Powell, from 18:00 GMT and that of his counterpart at the European Central Bank, Christine Lagarde (17:00 GMT), will be particularly followed by market participants looking for any comments. on the economic situation.

The upcoming session will also be animated by, among other things, the monthly retail sales data in the United States, at 12:30 GMT, and the figures for American industrial production in April.

AT WALL STREET

On the New York Stock Exchange, the Standard & Poor’s-500 and the Nasdaq ended in the red on Monday, weighed down by Tesla and other growth stocks following the publication of not very encouraging Chinese and American statistics which reinforced concerns. about the economic downturn.

The Dow Jones index closed up 0.08% to 32,223.42 points while the S&P-500 lost 0.39% to 4,008.02 points. The Nasdaq Composite fell 1.20% to 11,662.79 points.

Twitter lost 8.18% after Elon Musk suggested at a conference that a drop in the social network’s purchase price might be justified.

Tesla, of which Elon Musk is chief executive, dropped 5.87%.

Many large caps ended lower, such as Amazon (-1.98%) and Alphabet (-1.38%), which weighed on the S&P-500 and Nasdaq.

Wall Street futures are currently pointing to a rise at the opening of 0.33% to 0.73%.

IN ASIA

In China, the CSI300 gained 0.86% and the Shanghai Composite Index 0.22% on signs of improvement in the health situation in the country.

The Hang Seng Index in Hong Kong is up 2.51% amid a meeting between Chinese political cadres and tech executives to promote the development of the digital economy.

In Tokyo, the Nikkei gained 0.42% in the wake of the Chinese stock markets, but the gains were held back by a few disappointing corporate results, notably those of the brewer Asahi (-11.4%) and the advertising group Dentsu ( -6.16%).

EXCHANGES/RATES

The dollar is stable against a basket of reference currencies, including the euro, which stands at 1.0452 dollars, up 0.2%.

On the bond side, the yield on ten-year Treasuries rose three basis points to 2.9131%, erasing a large part of what it yielded the day before in the face of concerns about global growth.

Its German equivalent rose to 0.982% in the first trade against 0.937% at the close on Monday.

OIL

Oil prices fell slightly after the opposition of Hungary, which is particularly dependent on Russian hydrocarbons, to an embargo on imports of Russian oil proposed by the European Commission.

Brent fell to 114.24 dollars a barrel and American light crude (West Texas Intermediate, WTI) to 114.04 dollars.

(Written by Laetitia Volga, edited by Jean-Stéphane Brosse)

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