2024-02-13 17:19:14
(AP Photo/Eugene Hoshiko)
MARKET REVIEWS. Global markets were mixed Tuesday morning, awaiting the release of new inflation data in the United States.
Stock market indices at 7:30 a.m.
The indices slipped from 0.2% to 0.3% at London, Frankfurt et Paris at the start of the session in Europe.
In New York, before the markets opened, the average Dow Jones industrial values fell by 0.2% and the expanded index S&P 500 of 0.3%.
In Asia, the Nikkei 225 jumped 2.9% in Tokyo, following briefly surpassing the 38,000-point mark for the first time in 34 years. Sydney lost 0.2% and Seoul climbed 1.1%.
Markets are closed in China, Hong Kong and Taiwan due to the Lunar New Year.
On the New York Commodity Exchange, the price of oil took 29 US cents to US$77.19 per barrel.
The context
“American inflation is the unmissable news of the day. After very solid employment figures and preliminary data confirming that growth is sustained, the American central bank (Fed) needs a falling inflation figure to validate its disinflation scenario,” describes Christopher Dembik. , investment advisor at Pictet.
The CPI indicator will be scrutinized by the markets in light of upcoming monetary policy decisions.
After having already pushed back the timetable for the first key rate cut, initially anticipated in March, investors believe that the Fed’s May meeting will be the right one, but the institution’s leaders are being more cautious.
On Monday, the S&P 500 and the Nasdaq took a break from their streak of gains, while the Dow Jones set a new record.
Futures contracts for the three main New York indices fluctuated between -0.13% and -0.62%.
In Asia, the Tokyo Stock Exchange climbed 2.89% following a three-day weekend and recorded its best session since November 2022. Since the start of the year, the flagship Tokyo index, the Nikkei, has jumped more than 13% and is at its highest level in 34 years.
Among the reasons for this increase, the persistent decline of the yen, favorable to Japanese export stocks and which also makes Japanese stocks more attractive to foreign investors.
The Japanese market also benefits from more generous tax incentives in the archipelago for small carriers and from the poor shape of the Chinese markets, which means that many investors are looking for alternatives like Tokyo.
Michelin puts the brakes on
The shares of automobile supplier Michelin climbed more than 7.69% in Paris following the announcement of results above expectations and a share buyback program.
Michelin recorded a record operating profit of 3.6 billion euros in 2023 thanks to its positioning in the high-end segment and the fall in the cost of raw materials, following a peak in 2022.
“Another good surprise, which reflects the strong generation of money and the strength of its balance sheet”, according to analysts at Deutsche Bank, “Michelin has launched a share buyback program”, which might represent up to 1 billion euros. euros over the period 2024-2026.
TUI appreciated
The world number one in tourism TUI increased by 0.95% in London, following its quarterly financial update. It benefited in the first quarter of its staggered financial year from the still vigorous recovery of its reservations thanks to the good health of the tourism sector, before its possible return to the Frankfurt Stock Exchange.
Bitcoin around 50,000 US dollars
Bitcoin was hovering around 50,000 US dollars ($US) on Tuesday, a threshold exceeded on Monday for the first time since November 2021.
Among the factors in favor of the star of digital currencies: next April, a technical phenomenon which only occurs approximately every four years, “halving”, might contribute to reducing the quantity of bitcoins in circulation and therefore increasing their value .
Oil rose slightly, by 0.70% to 82.57 US dollars for a barrel of Brent and by 0.74% to 77.49 US dollars for a barrel of American WTI.
On the foreign exchange market, the euro remained in balance (+0.06%) once morest the greenback, one euro worth 1.0778 US dollars.
As for government bonds, interest rates remained stable on both sides of the Atlantic. That of the United States with a ten-year maturity stood at 4.16%.
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