2023-05-09 12:56:26
(Photo: The Canadian Press)
MARKET REVIEWS. Global stock markets are once more won by risk aversion on Tuesday, following the publication of weak figures for Chinese foreign trade and on the eve of the publication of data on US inflation in April.
Stock indices at 8 a.m.
The futures contracts Dow Jones posted a decline of 127.00 points (-0.38%) to 33,558.00 points. The futures contracts S&P 500 posted a decline of 15.75 points (-0.38%) to 4,137.00 points. The futures contracts Nasdaq showed a decline of 65.50 points (-0.49%) to 13,286.75 points.
In London, the FTSE 100 fell by 33.99 points (-0.44%) to 7,744.39 points. In Paris, the CAC 40 fell by 78.48 points (-1.05%) to 7,362.43 points. In Frankfurt, the DAX fell by 64.39 points (-0.40%) to 15,888.44 points.
In Asia, the Nikkei Tokyo gained 292.94 points (+1.01%) to 29,242.82 points. For his part, the Hang Seng Hong Kong ended down 429.45 points (-2.12%) at 19,867.58 points.
On the oil side, the price per barrel of American WTI fell US$0.76 (-1.04%) to US$72.40. The barrel of North Sea Brent was down US$0.77 (-1.00%) at US$76.24.
The context
On Wall Street, futures suggest an opening down 0.4% for major indices.
In Asia, Shanghai lost 1.10%. Chinese exports fell in April, while imports continued to decline, hurt by a fragile recovery in the world’s second-largest economy and sluggish global demand, official data showed on Tuesday.
“Domestic (Chinese) demand remains exceptionally fragmented. The question now is to know the effect of the economic support put in place by the Chinese central bank, said Stephen Innes, analyst at SPI AM.
Hong Kong even lost 2.12%, accentuating its decline with the rise of geopolitical tensions which pose risks of repercussions on large Chinese technology companies, listed mainly on the Hang Seng index.
China announced Tuesday the expulsion of the Canadian consul in Shanghai, in retaliation for that of a Chinese diplomat accused of having sought to intimidate a Canadian MP.
In addition, “the persistence of a risk on the banking system, in particular in the United States, or the negotiations in Congress on the raising of the ceiling of the American debt contribute to scramble the environment of the financial markets”, according to Gilles Guibout, director of strategy for European equities at Axa IM.
US President Joe Biden is due to receive tenors of the Republican opposition on Tuesday, without much hope, however, of resolving a dispute over public debt, which might, in the worst case, drive the United States into bankruptcy.
On the bond market, government rates fell slightly in Europe and the United States.
Real estate: Purplebricks collapses
The British online estate agency Purplebricksin difficulty, collapsed by more than 60% on Tuesday, following announcing that a sale process currently underway might result in significant losses for shareholders.
The real estate sector was also sluggish in Sweden, with falls of 11.06% for SBB or 5.96% for Property. In France, Covivio lost 2.59%, Icade 2.49%.
BPMS keeps in shape
The Italian bank Monte dei Paschi di Siena (BMPS), the oldest in the world, posted a net profit of 235.7 million euros in the first quarter, above expectations and driven by rising interest rates. The action took 5.02% in Milan.
Furthermore, the boss of Swiss credit (-0.13%), Ulrich Körner, will join the management committee d’UBS (-0.14%), but will be the only leader of the fallen bank to join the major governing bodies once the merger of the two rival Swiss banks is sealed.
Commodities and Currencies
Oil prices are down slightly on Tuesday morning, catching their breath following several sessions of sharply higher prices as data out of China chilled the market on the country’s economic recovery.
The barrel of American WTI yielded 0.67%, to US$72.67, and a barrel of North Sea Brent fell 0.63% to US$76.52.
The euro was down 0.19% once morest the dollar, at US$1.0983.
The bitcoin gained 0.17%, to US$27,610.
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