2023-12-04 15:35:41
(Photo: The Canadian Press)
MARKET REVIEWS. Global markets were mostly lower on Monday as investors awaited a series of economic data expected to be released later in the week.
Stock market indices at 7:30 a.m.
In Toronto, the S&P/TSX rose 154.76 points (+0.80%) to 19,590.74 points.
In New York, the S&P 500 gained 25.19 points (+0.59%) to 4299.70 points.
The Nasdaq advances by 108.43 points (+0.83%) to 13,201.28 points.
The DOW increased by 116.07 points (+0.35%) to 33,666.34 points.
The loonie rose by US$0.0013 (+0.18%) to US$0.7423.
Oil decreased by US$1.87 (-2.00%) to US$91.81.
L’or perd 9,20$US (-0,49%) à 1881,70$US.
Bitcoin advances by US$759.28 (+2.89%) to US$27,018.29.
The CAC 40 French lost 0.4%, while the DAX German remained stable. The British index FTSE 100 fell by 0.6%.
In New York, before the markets opened, the average Dow Jones Industrial stocks were down 0.2%, while the broader index S&P 500 lost 0.3%.
In Asia, Hong Kong fell 1.1%, while Shanghai decreased by 0.3%. The Japanese benchmark index Nikkei 225 lost 0.6%.
Eventually, Seoul increased by 0.4%, and Sydney gained 0.7%.
On the New York Commodity Exchange, the oil price lost 76 cents, to stand at US$73.31 per barrel.
The context
“The macroeconomic data calendar is busy this week and investors therefore continue to keep an eye on indications from the United States, Europe and China,” notes Andreas Lipkow, independent analyst.
During the week, “we will have the services PMIs for most countries, which should not only give us an indication of activity, but also of the inflation dynamics seen by businesses, particularly due to the wage pressure,” underlines Sebastian Paris Horvitz, research director at La Banque Postale AM.
“In the United States, the employment report for November will also be very important in terms of the pace of moderation in the labor market,” adds the latter.
Stock market operators continue to scrutinize macroeconomic publications in the wake of upcoming monetary policy decisions by central banks.
The latter are now counting on a first reduction in the key rate of the Federal Reserve (Fed) as early as March, a scenario which was still largely ruled out just a week ago.
Carpets on 888
The British online betting group 888 soared by almost 20% on Monday in London, following information from Sunday Times suggesting that games software provider Playtech made a £700 million takeover offer last summer, which was rejected as too low.
Elsewhere on the London coast, the British petroleum engineering group Petrofac (P2F.SG) also soared, by 24.87%, following saying it was examining several options, including the sale of non-strategic assets, to strengthen its balance sheet.
Spotify cuts jobs
The world number one audio platform Spotify announced on Monday a reduction in its workforce by “around 17%”, or around 1,500 people, in order to reduce its costs in a context of a “spectacular” slowdown in economic growth. In electronic trading preceding the opening of markets in New York, Spotify (SPOT) gained 2.32%.
Gold at a record high
The price of gold broke its all-time high at US$2,135.39 (US$) an ounce on Monday, with traders banking on an interest rate cut from the US Federal Reserve in the new year . At around 7:40 a.m., it stood at US$2,068.00.
Bets of a rate cut further weighed on the dollar, making gold cheaper for international buyers.
On the foreign exchange market, the euro fell by 0.20% to US$1.0862 and the British currency by 0.14% once morest the greenback, to US$1.2670.
On the cryptocurrencies side, the bitcoin surpassed US$40,000 on Monday, pushing up to US$42,144.36, the highest price since April 2022, boosted by hopes that the United States will soon approve a new general public offering that might further normalize this asset in the eyes of investors.
Shortly following reaching its peak, bitcoin was still climbing 4.86% to US$41,657 around 7:40 a.m.
Finally, oil prices were falling: the price of a barrel of North Sea Brent for delivery in February rose to US$78.41 (-0.60%) and the Texas Intermediate (WTI)for delivery in January, at US$73.63 (-0.59%).
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