2023-10-24 22:16:04
(Photo: 123RF)
MARKET REVIEWS. Global markets were mixed Tuesday morning, as investors kept an eye on the yield of U.S. Treasury bonds.
Stock market indices at 8:00 a.m.
Paris et Frankfurt slipped around 0.1% at the start of the session in Europe, while London fell 0.4%.
HAS New Yorkbefore the markets opened, the average Dow Jones industrial stocks rose by 0.2% and the broader index S&P 500 of 0.3%.
In Asia, the Nikkei 225 added 0.2% in Tokyo. The scholarship of Shanghai advanced by 0.8% and the Hang Seng plunged 1.1% in Hong Kong. Sydney took 0.2% and Seoul a bondi of 1.1%.
On the New York Commodity Exchange, the price of oil took 11 US cents to US$85.60 per barrel.
The context
Investors digest the indices PMI, indicative of economic activity in the manufacturing and services sectors. In the euro zone, the decline in private sector activity worsened in October, signaling a risk of recession in the second half of the year.
“There is great uncertainty as to whether this slowdown will be temporary or permanent,” comments Stephen Innes, partner at SPI Asset Management. “This suggests that the effects of the crisis might have a lasting recessionary impact on the eurozone economy, and the slowdown in activity in Germany does little to allay these fears.”
On the bond market, sovereign interest rates remain very high. For the first time since November 2007, the interest rate on the ten-year United States bond exceeded the 5% threshold on Monday during the session. Earlier this morning, it stood at 4.87%, compared to 4.85% at Monday’s close. And the French equivalent fell to 3.45% once morest 3.48% on Monday.
Thursday, the European Central Bank (ECB) will hold a decentralized meeting in Athens, during which it is expected to decide on a pause in raising rates, following ten increases in a row.
“President Christine Lagarde should emphasize that the ECB is ready to raise rates once more if necessary [et] should also reaffirm that the central bank will maintain interest rates at a high level for as long as necessary”, to achieve their objective of inflation at 2%, anticipates François Rimeu, senior strategist at La Française Asset Management.
Investors also continue to monitor developments in the Middle East conflict.
Oil prices hesitated Tuesday, between diplomatic efforts to de-escalate the war between Israel and Hamas and fears of an Israeli ground offensive in Gaza or that the conflict would spread to neighboring countries.
Earlier today, the barrel of North Sea Brent, for delivery in December, gained 0.42% to US$90.21. Its American equivalent, the barrel of West Texas Intermediate (WTI), for delivery at the same maturity, rose 0.38% to US$85.82.
Barclays disappoints
The British bank Barclays saw its profit fall by 16% year-on-year in the third quarter, due to an increase in its costs, its tax bill and credit write-downs, at a time when interest rates are soaring in the Kingdom -United and elsewhere. Early this morning, the banking establishment dropped 6.39% in London.
In its wake, the English banking sector is declining: NatWest Group -2,42%, Lloyds Banking Group -1,77%, Standard Chartered -1,42%.
Puma continue sa course
The sports equipment manufacturer Puma confirmed its annual forecasts, despite a drop in its operating profit and its net profit, which fell to 132 million euros, in the third quarter. Earlier today, its stock rose 4.13%.
This investor optimism also benefited Adidas (+1,62%) et JD Sports (+0,35%).
On the currency side
Earlier this morning, theeuro fell 0.45% to 1.0622 American dollar for one euro.
The bitcoin hit its highest in nearly a year and a half, briefly surpassing US$35,000 on Tuesday, following a US appeals court upheld a recent legal victory for a new consumer investment product in this digital currency. Earlier today, it climbed 9.64% to US$34,580.
1698189816
#Stock #market #whats #happening #markets #opening #Tuesday #October
