2023-06-14 12:00:36
(Photo: The Canadian Press)
MARKET REVIEWS. European stock markets are moving up on Wednesday, Frankfurt having set a new record in session, optimistically awaiting the verdict of the meeting of the American Central Bank (Fed) and the prospects that its president Jerome Powell will draw.
Stock market indices at 7:45 a.m.
With 16,332.67 points, the flagship index of the Frankfurt Stock Exchange, the Dax, beat by a hair its previous record of May 19 around 09:45 GMT. The Dax has since retreated a bit, but was still up 0.50% around 10:15 GMT from Tuesday’s close.
London et Paris added between 0.1% and 0.2% at the start of the session in Europe.
In New York, before the markets open, the average Dow Jones industrial stocks fell 0.1% and the broader S&P 500 index gained 0.2%.
In Asia, the Tokyo Stock Exchange gained 1.47%, now at its highest since March 1990. The index Nikkei gained almost 4% during the first three sessions of the week, almost 8.5% over the first half of June and even more than 28% since January 1, largely beating the European and American indices over the period, at except the Nasdaq.
The scholarship of Shanghai fell 0.1% and the Hang Seng around 0.6% in Hong Kong. Sydney climbed 0.3% and Seoul lost 0.7%.
On the New York Commodity Exchange, the price of oil was up 42 cents to US$69.84 a barrel.
The context
The positive momentum in equities was carried by inflation figures at a two-year low in the United States. This confirms investors in their opinion that the US central bank will end its series of hikes in its key rate at the end of its meeting on Wednesday.
In 10 meetings and fifteen months, she made a sudden change, taking it from 0% to 5%.
But this pause should be accompanied by signals that “the cycle of increases is not over” according to Colin Graham, of Robeco, in particular during the speech of Jerome Powell, the chairman of the Fed.
The committee “will not surprise the markets on the upside, but may be forced to do so on the downside,” he continues.
In the bond market, European government borrowing rates rose a little further, following the trend in the United States the previous day, due to “growing skepticism that central banks will be able to cut rates this year” following core inflation, excluding energy and food prices, remained at a high level in April, Deutsche Bank analysts say.
The car at full speed
The title Toyota jumped 6.28% following Akio Toyoda was re-elected to the group’s board of directors, this time as chairman of that body, despite opposition from some foreign shareholders.
And Europe, Volvo took 4%, Renault 3,33% et Daimler 2,04%.
South Poker Casino
The action of the struggling distribution group Casino jumped by more than 15%, the company having confirmed before the opening of the markets a “preliminary expression of interest” from the Niel-Pigasse-Zouari trio for a “reinforcement of equity” of up to 1.1 billion euros.
The action of its parent company Rallye jumped nearly 30%. Its share value has tripled (+230%) since Monday.
Commodities and Currencies
Oil is still advancing a little following its rebound on Tuesday, driven by a more accommodating policy from the Chinese central bank, allowing to consider a revival of demand, and a greater appetite for risk.
The barrel of Brent took 1.04% to US$75.06 and that of American WTI 0,93% à 70,07 $US.
The euro was up 0.10% at $1.0804.
The bitcoin advance 0.51% to US$25,980.
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