2023-06-19 14:40:57
(Photo: The Canadian Press)
MARKET REVIEWS. Global stocks moved lower on Monday, due to profit taking following a largely positive week and in the absence of US investors on the holiday.
Stock market indices at 7:45 a.m.
In Europe, trading volumes are reduced and Paris fell by 0.52%, Frankfurt by 0.65%, London by 0.49% and Milan by 0.20% around 7:15 a.m.
In Asia, the Hong Kong Stock Exchange slid 0.64%, Shanghai lost 0.54% and Tokyo lost 1%, weighed down by profit taking.
The New York Stock Exchange will be closed on Monday, a holiday to commemorate the end of slavery in the United States.
The context
“The week begins on positive geopolitical waves, as the weekend talks between the United States and China went well,” commented Ipek Ozkardeskaya, analyst at Swissquote Bank.
Chinese President Xi Jinping hailed “progress” and “common ground” with Washington on Monday during a rare meeting with US Secretary of State Antony Blinken in Beijing, according to comments broadcast by state television. CCTV.
Antony Blinken for his part affirmed that the United States and China want to “stabilize” their relations and that the United States does not seek to “stifle” Chinese economic development.
This interview comes on the second and last day of Mr. Blinken’s visit to China, a first in nearly five years for a head of American diplomacy.
Investors had hoped at the end of last week for measures to support the Chinese economy, which is not experiencing the expected post-Covid growth, but the absence of an official announcement dampened their optimism on Monday.
The subject of monetary policy and interest rate guidelines remains highly studied by the markets. Speeches by representatives of the Federal Reserve and the European Central Bank are also on the agenda. “They will certainly give nuances on the monetary policy meetings of the last week”, comment analysts from Deutsche Bank.
On Wednesday, the president of the monetary institution Jerome Powell will be heard in the American House of Representatives, before a passage in the Senate on Thursday, an opportunity for investors to learn more regarding the intentions of the Fed.
The Bank of England and the Swiss National Bank are meeting in turn this week and will decide on their monetary policy.
Sovereign bond yields are stable.
Sartorius down sharply
The equipment supplier for the biopharmaceutical sector Sartorius Stedim Biotech (SSB) recorded a sharp drop in its title of 12.98% in Paris following having revised its sales forecasts for 2023 downwards on Friday.
Its parent company Sartorius, listed in Frankfurt, lost 14.10% following the announcement on Friday evening of a lowering of its 2023 forecasts, implying a downward revision of around 25% of its previous gross operating profit targets. .
AstraZeneca vaccinates once morest tensions
The British pharmaceutical giant AstraZeneca (AZN) devised a plan to spin off its China business and take it public in Hong Kong into a new entity, which would remain under its control, to ‘protect the company once morest rising geopolitical tensions’, according to the Financial Times (FT) .
Its action lost 1.34% in London.
On the side of currencies and commodities
Oil prices started the week in the red on Monday, investors still showing concern regarding Chinese demand for black gold, the increase in Iranian exports also weighing on prices.
Around 7:10 a.m., the barrel of Brent (BZ=F) from the North Sea, for August delivery, fell 0.14% to 76.50 US dollars (US$).
Its American equivalent, the barrel of West Texas Intermediate (WTI) for delivery in July, lost 0.35% to 71.53 US$.
The price of the benchmark European contract for natural gas, the Dutch TTF, fell further by 7.74% to 32.30 euros.
The European currency was down slightly (-0.15%) once morest the dollar at 1.092 0 US$.
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