2024-01-08 15:39:10
(Photo: Getty Images)
MARKET REVIEWS. European markets opened weaker while Asian stocks fell on Monday following Wall Street recorded its worst week since Halloween.
Stock market indices at 8:00 a.m.
The DAX German gained 0.1%, while the CAC 40 in Paris slipped 0.1%. The British index FTSE 100 lost 0.3%.
In New York, before the markets opened, the average Dow Jones industrial stocks lost 0.3% and the broader index S&P 500 fell by 0.1%.
In Asian markets, Hong Kong fell by 1.9% and Shanghai slipped 1.4%.
In South Korea, the Kospi lost 0.4%. THE Japanese markets were closed for a public holiday.
For his part, the S&P/ASX 200 Australian lost 0.5%.
On the New York Commodity Exchange, the price of oil lost 66 cents, to stand at US$73.15 per barrel.
The context
The boss of Evergrande NEV, the automotive branch of the Chinese real estate giant with astronomical debt, is being detained by the authorities, the subsidiary announced at a time when the situation of its parent company is worrying the markets. The stock lost 6% at the close.
Chinese stocks were among the few to have failed to benefit from the market rebound in 2023, ending down more than 10% as investors hoping for a vast recovery plan to help the world’s second-largest economy were disappointed. .
Investors’ expectations are now a little less optimistic regarding central bank key rate cuts, which was enough for the cost of government borrowing to rise. That of the United States at 10 years, the benchmark maturity, has returned above 4% (4.05% Monday around 7:25 a.m.).
However, “if the stock market has not retained its pre-Christmas exuberance, futures contracts suggest that investors continue to believe that the ECB and the Fed will carry out rapid and massive easing in 2024”, nuance Gilles Moëc, chief economist of Axa IM.
The main economic data of the week will be Thursday’s release of the CPI price index in the United States for December. It is eagerly awaited by central bankers, several of whom are expected to speak during the week.
Boeing swept away
The action of American manufacturer Boeing started to fall on the New York Stock Exchange on Monday, following a door torn off in mid-flight on one of its aircraft caused the immobilization of numerous planes.
In electronic trading before the opening of Wall Street, the title fell 7.6%.
In Europe, the action of its competitor Airbus rose 2.48%, the best performance on the flagship Parisian market.
Shell will depreciate
The British oil and gas giant Shell (SHEL) said Monday that it expected natural gas sales to increase in the fourth quarter, thanks to an increase in demand as winter entered.
Conversely, it expects an “adjusted” loss (excluding exceptional items) in the derivatives and chemicals division, and foresees heavy depreciation across the entire group. The stock fell 1.81%. The entire sector was also suffering from the drop in oil prices: BP (BP) yielded 1.34%, Eni (ENI.DE) 2,59% et TotalEnergies (TTE) 1,79%.
Oil decline
Oil prices contracted on Monday following Saudi Arabia’s announcement of a drop in the price of its barrel, which revives concerns regarding demand and internal dissensions within the Organization of the Petroleum Exporting Countries (OPEC).
The barrel of Brent fell 2.81% to 76.55 dollars, and the baril the WTI 3.05% to $71.56 Monday around 7:15 a.m.
L’euro was stable (+0.02%) once morest the dollar, at 1.094 5 American dollars ($US).
The bitcoin took 1.20% to US$44,780.
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