2023-07-17 17:11:31
Paris, whose luxury stocks are particularly sensitive to the economic situation in China, lost 1.12% at the close. Frankfurt loses 0.23%, London 0.38% and Milan 0.19%. In Zurich, the SMI fell by 1.21%.
Global markets are in mixed order on Monday, European stock markets having closed lower, disappointed by Chinese growth that came out weaker than expected, while the New York market was displayed in green, starting a busy week in results. companies.
On Wall Street around 4:00 p.m. GMT, the Dow Jones gained 0.21%, the Nasdaq 0.73% and the S&P 500 took 0.32%.
In Europe, Paris, whose luxury stocks are particularly sensitive to economic conditions in China, dropped 1.12% at the close. Frankfurt lost 0.23%, London 0.38% and Milan 0.19%. In Zurich, the SMI lost 1.21%.
“It’s been a disappointing start to the week in Europe, with Chinese economic data not helping, but the pessimism may be short-lived given the strong gains in recent sessions,” said Craig Erlam of Oanda.
In China, growth in the second quarter accelerated, with gross domestic product (GDP) jumping year on year by 6.3%, according to the National Bureau of Statistics (NBS). However, this rate of growth is much lower than the expectations of analysts polled by AFP (7.1%).
“Quarter following quarter, the Chinese economy multiplies the signs of difficulties, no longer cyclical, but increasingly deep, that the country will clearly have difficulty in overcoming”, comment the analysts of Riches Flores.
Investors are also focused on corporate results.
From Tuesday are expected the results of Bank of America (+ 1.22% around 4:00 p.m. GMT) and Goldman Sachs (-0.01%), following the good figures of JPMorgan (+ 1.90%) and Wells Fargo (+2.56%) announced last week.
The car manufacturer Tesla (+ 2.22% around 3:55 p.m. GMT) is to announce its own on Wednesday, as well as the airline United Airlines (+ 0.45%) and the streaming leader Netflix (+ 2.58%).
Moreover, this week corresponds to the period of silence to which the members of the Monetary Committee of the American central bank are subject before the next meeting of the American institution scheduled for July 25 and 26.
Another quarter-percentage-point rate hike is 96% expected by investors, despite the pause in hikes seen by the Fed in June, according to calculations on futures products from CME Group. This should bring overnight rates to a range of 5.25% to 5.50%.
Meta threatened with a fine in Norway
A Norwegian regulator on Monday banned US tech giant Meta (-0.28% around 3:55 p.m. GMT in New York) from delivering targeted ads by exploiting user data from its Facebook and Instagram platforms, under penalty of a fine of nearly of 90,000 euros per day.
Luxury on sale
The entire luxury sector, gaining last week, suffered significant losses on Monday: in Paris, LVMH dropped 3.73%, Hermès 4.21% and Kering 1.95%. Moncler fell 2.91% in Milan. Burberry fell 1.79% in London.
The luxury giant Richemont (-10.4%), owner of the Cartier jewelry house, unveiled on Monday a quarterly turnover up 14% to 5.3 billion euros, driven by the recovery in China which offset a decline in the Americas zone. This is a little worse than expected by analysts. Swatch Group lost 2.48%.
Gresham House in the spotlight
Shares in British asset management firm Gresham House closed up 55.55% in London following the announcement of a takeover bid by US investment firm Searchlight. The offer was accepted and recommended by the board, valuing the business at £469.8 million.
On the side of oil and currencies
Oil prices were down on Monday, weighed down by Chinese growth figures in the second quarter.
The barrel of Brent for delivery in September yielded 1.12% to 78.97 dollars and the barrel of American WTI for delivery in August 1.07% to 74.61 dollars around 3:50 p.m. GMT.
The euro was stable (+0.05%) once morest the dollar, at 1.1234 dollars.
Bitcoin fell 0.41% to $30,162.
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