2023-12-15 13:53:17
(Photo: Getty Images)
MARKET REVIEWS. Global markets advance on Friday, maintaining their upward trend that has propelled many incidents above or close to their peaks, seeing the positive even in the deterioration of economic activity in Europe.
Stock market indices at 7:45 a.m.
Futures contracts Dow Jones posted an increase of +121.00 points (+0.32%) to 37,386.00 points. Futures contracts S&P 500 posted an increase of +11.75 points (+0.25%) to 4,733.50 points. Futures contracts Nasdaq advanced +55.50 points (+0.34%) to 16,597.00 points.
In London, the FTSE 100 lost -40.69 points (-0.53%) to 7,608.29 points. In Paris, the CAC 40 rose by +42.53 points (+0.56%) to 7,618.38 points. In Frankfurt, the DAX rose by +57.06 points (+0.34%) to 16,809.29 points.
In Asia, the Nikkei from Tokyo collected +284.30 points (+0.87%) to 32,970.55 points. For his part, the Hang Seng from Hong Kong collected +390.00 points (+2.38%) to 16,792.19 points.
On the oil side, the price of a barrel of American WTI rose by +US$0.55 (+0.77%) to US$72.13. The barrel of North Sea Brent gained +US$0.53 (+0.69%) to US$77.14.
The context
The decline in private sector activity accelerated further in December in the euro zone, weighed down in particular by France, according to the PMI Flash index published Friday by S&P Global.
“The latest data paints a discouraging picture of the eurozone economy, with the private sector showing no signs of recovery in December,” whether in services or manufacturing production, commented Cyrus de la Rubia, chief economist. at Hamburg Commercial Bank, cited in a press release from S&P Global.
But this trend is not without displeasing investors, who hope that the increased risk of recession in Europe pushes the European Central Bank to soften its policy.
The interest rates on European loans, stable at the opening, fell again after the PMI: the 10-year German government interest rate, the benchmark maturity, fell to 2.05%, against 2.11% on Thursday at the close.
On Thursday, investors were disappointed because ECB President Christine Lagarde indicated that the board of governors had not discussed rate cuts “at all,” unlike Fed officials on Wednesday.
“Overall, the ECB is probably too optimistic in not anticipating a recession in the euro zone,” said Christophe Boucher, investment director at ABN Amro IS.
He notes that “the market appears unresponsive to poor economic data, focusing only on the potential rate cuts it implies. This kind of complacency and blindness will not last forever,” he warns.
The same data on economic activity, but for the United States, are expected around the opening of Wall Street. The three indices were heading towards initial trades close to +0.3%.
The week was dominated by the last central bank meetings of the year. If that of the United States delighted the markets on Wednesday, because it was “clear about its desire to lower key rates next year” according to Christopher Dembik of Pictet AM, the European Central Bank and that of England were “more cautious” , he emphasizes.
In Asia, the Hong Kong Stock Exchange gained 2.38%, welcoming in particular the announcement that the People’s Bank of China had injected more liquidity than expected into the financial system and new measures by Chinese authorities to support the real estate market. from the country.
The Tokyo Stock Exchange gained 0.87%, climbing 2.05% for the week as a whole.
Campari drinks Courvoisier
The Italian drinks group Campari announced on Thursday that it had entered into exclusive negotiations with the American spirits group Beam Suntory to acquire 100% of the capital of Beam Holding France, which owns the premium cognac brand Courvoisier. The company fell by 2.04% in Milan.
Oil still on the rise
Oil prices remained in the green on Friday, maintaining their gains after the Fed’s latest monetary policy decision, which suggests to the markets the possibility of rate cuts as early as next year after an increase of more than 3% on Thursday, the barrel of Brent de more du Nord took 0.51% to US$77.00 and that American WTI 0,57% à 72,00 $US.
The euro fell 0.26% to US$1.0964.
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