2023-07-13 13:59:35
(Photo: Getty Images)
MARKET REVIEWS. European stock markets are up on Thursday, still driven by the slowdown in inflation in the United States which leads them to hope that the American central bank (Fed) will adopt a less restrictive monetary policy.
Stock indices
The futures contracts Dow Jones posted an increase of +73.00 points (+0.21%) to 34,623.00 points. The futures contracts S&P 500 rose by +16.00 points (+0.35%) to 4,523.50 points. The futures contracts Nasdaq gained +108.00 points (+0.70%) to 15,552.75 points.
In London, the FTSE 100 posted an increase of +28.12 points (+0.38%) to 7,444.23 points. In Paris, the CAC 40 advanced by +58.83 points (+0.80%) to 7,391.84 points. In Frankfurt, the DAX increased by +98.33 points (+0.61%) to 16,121.33 points.
In Asia, the Nikkei Tokyo ended up +475.40 points (+1.49%) at 32,419.33 points. For his part, the Hang Seng Hong Kong ended up +489.67 points (+2.60%) at 19,350.62 points.
On the oil side, the price per barrel of American WTI fell -0.18 $US (-0.24%) to 75.57 $US. The barrel of North Sea Brent fell -0.02 $US (-0.02%) to 80.09 $US.
The context
In Asia, following seven sessions of declines or minimal gains, the Chinese and Japanese stock market indices rebounded, despite the sharp decline in Chinese exports for a second month in a row in June.
In detail, exports from China, a key sector of its economy, fell by 12.6% over one year. Analysts polled by the Bloomberg agency expected a less pronounced fall, of only 10%.
On the other side of the Pacific, in the United States, the equity markets benefited on Wednesday from the announcement of the decline in American inflation: it clearly marked time in June in the United States at 3% on a year, once morest 4% a month before and 3.1% expected, according to the CPI index. Over one month, it advanced by 0.2% while analysts expected 0.3%.
“Following these figures, former New York Fed President Bill Dudley suggested that this raises the question of whether the next interest rate hike in July will be the last”, underlines John Plassard, specialist. investment at Mirabaud.
“We can expect the Fed to keep a tough tone to prevent the markets from pricing in a rate cut too prematurely,” however nuanced Michael Hewson, of CMC Markets, “it will want to leave the possibility of further hikes on Table”.
In addition, “the earnings season begins in the United States and other indicators on prices and the labor market are expected”, according to Andreas Lipkow, independent analyst.
BP and TotalEnergies take off
The British Giants BP and French TotalEnergies emerged victorious from an unprecedented auction process in Germany for the construction of offshore wind farms, the German regulator announced on Wednesday.
BP (+0.75% on the London Stock Exchange) and TotalEnergies (+0.70% in Paris), which will pay out 12.6 billion euros, won among eight bidders.
Real estate builder Barratt weakened
The British property builder Barratt Developments fell 2.44% in London, following warning that its activity would be penalized by “persistent inflation and an environment of higher interest rates” which weigh “on economic growth, employment, confidence and consumer spending.
Bargain time for Swatch Group
Driven by the recovery of tourism in Asia, the Swiss watchmaker Swatch Group, owner of the Omega, Longines and Tissot brands, saw its net profit jump 55.6% in the first half of 2023, to 498 million Swiss francs (516 million euros). A result well above the expectations of analysts polled by the Swiss agency AWP, who expected 436 million francs in profit.
The watchmaker, confident for the second half of the year, says it sees “excellent growth opportunities” in “all regions” and “all price segments”.
Swatch Group shares jumped 6.68% on the Zurich Stock Exchange. His compatriot Richemont, a Swiss luxury giant, gained 0.56%.
On the side of oil and currencies
Oil prices were trading at their highest levels in more than two months, with investors focusing on Russian and Saudi export cuts coming in August, which are expected to heighten market tensions.
The barrel of North Sea Brent for September delivery gained 0.40% to US$80.43. Its American equivalent, the barrel of West Texas Intermediate (WTI) for August delivery, took 0.29% to US$75.97.
The euro was up slightly by 0.40% at US$1.1174.
The bitcoin took 0.73% to US$30,574
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