2023-11-07 14:49:29
(Photo: Getty Images)
MARKET REVIEWS. World stock markets fell on Tuesday, as investors waited for speeches from central bankers and were cooled by a new sign of the weakness of the Chinese economy.
Stock market indices at 7:30 a.m.
London, Frankfurt et Paris fell between 0.1% and 0.2% at the start of the session in Europe.
HAS New Yorkbefore the markets opened, the average Dow Jones industrial stocks and the broader index S&P 500 fell by 0.3%.
In Asia, the Nikkei 225 lost 1.3% in Tokyo. The scholarship of Shanghai fell by less than 0.1% and the Hang Seng plunged 1.7% in Hong Kong. Sydney lost 0.3% and Seoul tumbled 2.3%.
On the New York Commodity Exchange, the price of oil dropped US$1.23 to US$79.59 per barrel.
The context
No leading indicators are expected on Tuesday, with investors mainly preparing to listen to central bank officials throughout the week as they clarify the message of their latest monetary policy meeting. The President of the American Central Bank (Fed) Jerome Powell is due to speak on Thursday.
“Equity market sentiment remains uncertain this week following some Fed officials came to temper the recent” enthusiastic positions of investors following the monetary institution’s meeting last week, explained Pierre Veyret, analyst at ActivTrade .
On Tuesday, Australia’s central bank raised its benchmark interest rate to its highest level in almost 12 years, in a bid to bring stubbornly high inflation under control.
“The peak of inflation has passed in Australia, but it remains too high and has proven more persistent than expected a few months ago,” Governor Michele Bullock said in a statement.
Today’s data highlighted the weakness of the Chinese economy, with an accelerating fall in exports.
In the euro zone, producer prices fell by 12.4% over one year, a decline in line with expectations.
Primark stands out
Associated British Foods (ABF), parent company of the low-cost clothing chain Primark, soared nearly 7.46% in London following announcing an annual net profit up nearly 50%, to 1 billion pounds, despite the cost of living crisis.
H&M (HM-B) gained 1.22% in its wake in Stockholm. Next (NXT) took 1.33% and JD Sports Fashion (JD) 1.55% in London.
Share buyback program at Amadeus
Spanish Amadeus (AMS), the world’s number one travel reservation company, announced on Tuesday a vast share buyback program following recording sharply increased results in the third quarter, thanks to the dynamism of air traffic and the tourism sector. The stock jumped 4.91%.
UBS in loss with Credit Suisse
The Swiss bank UBS (UBSG) gained 3.15% in Zurich following the publication of its results.
UBS has made “clear progress” since the merger with Credit Suisse was finalized, reacted Andreas Venditti, analyst at Vontobel, in a stock market commentary, noting that the underlying results are “much better than expected”.
UBS is “ahead of its cost-cutting plan” and money inflows into wealth management improved “significantly in September,” he adds.
WTI below 80 US dollars
The prices of oil retracted on Tuesday, pulled down by an indicator on Chinese exports which does not encourage investors to be optimistic regarding the growth of the country, the largest importer of crude oil in the world.
The barrel of Brent was worth US$83.72 (-1.71%) around 7:20 a.m. and that of American WTI US$79.53 (-1.60%), falling below the US$80 threshold for the first time since the end of August.
L’euro fell 0.34% to US$1.0681.
The bitcoin fell 0.99%, to US$34,680.
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