2023-11-22 15:06:19
Global markets were lower on Wednesday morning, awaiting a speech from Jerome Powell, the chairman of the United States Federal Reserve. (Photo: The Canadian Press)
MARKET REVIEWS. World stock markets rose slightly on Wednesday, on the eve of a public holiday in the United States, benefiting in particular from the expected good reception of the results of chip giant Nvidia at the opening of Wall Street.
Stock market indices at 7:45 a.m.
Futures contracts Dow Jones posted an increase of +31.00 points (+0.09%) to 35,179.00 points. Futures contracts S&P 500 gained +10.75 points (+0.24%) to 4,562.00 points. Futures contracts Nasdaq advanced +65.50 points (+0.41%) to 16,055.75 points.
In London, the FTSE 100 posted a decline of -16.12 points (-0.22%) to 7,465.87 points. In Paris, the CAC 40 gained +26.19 points (+0.36%) to 7,255.64 points. In Frankfurt, the DAX rose by +68.98 points (+0.43%) to 15,969.51 points.
In Asia, the Nikkei from Tokyo collected +97.69 points (+0.29%) to 33,451.83 points. For his part, the Hang Seng Hong Kong closed up +0.71 points (+0.00%) at 17,734.60 points.
On the oil side, the price of a barrel of American WTI decreased by -US$2.36 (-3.03%) to US$75.41. The barrel of North Sea Brent fell -US$2.52 (-3.06%) to US$79.93.
The context
“The appetite for risk seems to calm down before Thanksgiving” which leads to the closure of the American markets on Thursday and a reduced opening on Friday, explains Pierre Veyret, analyst at ActivTrades.
Investors were not disconcerted by the publication of the minutes of the last meeting of the American Central Bank: if the speakers maintained a speech in favor of a firm policy, investors are convinced that the indicators published since will push them to soften their monetary policy before the second half of 2024.
“The cautious tone of the Fed minutes remained a dead letter” for investors, because “the latest inflation data acted as a shield” against the words of supporters of a restrictive monetary policy, according to Ipek Ozkardeskaya, analyst from Swissquote.
On the bond market, interest rates on loans fell further in Europe and the United States.
Among the data expected during the session, we find new applications for unemployment benefits, brought forward by one day due to Thanksgiving, but also the first elements on orders for durable goods in the United States in October, as well as the final estimate of consumer confidence by the Michigan indicator in November.
Nvidia in the green
The American Nvidia rose 0.90% in pre-market trading after its results published Tuesday after the close. The company once again beat earnings expectations.
Nvidia’s financial performance is now considered a barometer of the very promising generative artificial intelligence (AI) market, of which the ChatGPT interface is currently the gondola.
Since January 1, Nvidia’s stock market value has more than tripled.
In Europe, STMicroelectronics rose 0.82%, ASML 0.32% and Infineon 0.43%.
Kingfisher disappoints
The British DIY store group Kingfisherowner in France of Castorama and Brico Dépôt, fell by more than 6% in London after announcing a decline in turnover for its delayed third quarter, penalized in particular by sales in France “lower than expected” and in drop of 8.7%, which will weigh on its annual result.
Enel less renewable
Under the aegis of its new CEO Flavio Cattaneo, the Italian energy giant Enel intends to slow down its investments in renewable energies over the next three years, preferring to focus on profitability and reducing its debt.
The action was almost stable (-0.08%) after the presentation of the company’s strategic plan.
Calm on foreign exchange and oil
Oil prices slipped on Wednesday after the publication of the first data on weekly crude inventories in the United States.
The barrel of American WTI lost 1.89% to US$76.30 and a barrel of North Sea Brent 1,91% à 80,87 $US.
On the currency side, the European currency fell slightly against the greenback, at the rate of one euro pour 1,0905 $US (-0,05%).
The bitcoin fell 0.68% to US$36,550.
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