2023-07-10 21:04:31
(Photo: The Canadian Press)
MARKET REVIEWS. European stock markets rose Monday following their worst week in nearly four months, but the trend remains cautious before inflation figures on Wednesday in the United States and the first results of companies.
Stock market indices at 7:45 a.m.
Global markets were mixed on Monday morning, awaiting the release of new inflation data from the United States.
London, Frankfurt and Paris added 0.2% to 0.4% at the start of the session in Europe.
In New York, before the markets open, the average Dow Jones of industrials was stable and the broader index S&P 500 slipped 0.2%.
In Asia, the Nikkei 225 fell 0.6% in Tokyo. The scholarship of Shanghai took 0.2% and the Hang Seng 0.6% in Hong Kong. Sydney lost 0.5% and Seoul 0,2%.
On the New York Commodity Exchange, the price of oil dropped 13 US cents to US$70.73 a barrel.
The context
On the economic side, the situation in China continues to cause concern: consumer prices remained stable in June year on year while producer prices continued to dive, a reflection of sluggish demand which complicates a little plus the recovery, according to official figures released on Monday.
“China’s efforts to revive the economy and inflation are not bearing fruit. This may be the reason why the Chinese authorities have chosen to ease the pressure on the technology giants,” said Ipek Ozkardeskaya, an analyst at Swissquote Bank. Several fines once morest large tech groups were imposed on Friday, suggesting the end of a tightening of the screws targeting the sector.
If few indicators are still expected on Monday, the agenda will gain momentum with US inflation (CPI barometer) for June on Wednesday, then producer prices on Thursday. Definitive data on the pace of eurozone price increases are also on the agenda this week.
Investors will continue to watch the level of state interest rates as several yearly highs have been set over the past week. The still offensive rhetoric of central bankers once morest inflation, with the promise of new key rate hikes, further accentuates this trend.
The 10-year US government bond rate reached 4.05%, down slightly from Friday and that for France 3.20%, up slightly.
Finally, Friday will mark the start of the corporate earnings season with the releases of several major US banks.
bayer harvest
The title of the agrochemical giant Bayer (+ 3.10%) is progressing, following the European Food Safety Authority (EFSA) indicated at the end of last week that it had not identified any level of risk linked to glyphosate, paving the way for the renewal of its authorization in the EU.
Glyphosate is the active substance of several herbicides, including the famous Roundup from Monsanto, a subsidiary of Bayer.
BT without a boss
The British telephony group BT, in the midst of restructuring and which recently announced massive job cuts, announced on Monday the departure “at the appropriate time over the next 12 months” of its managing director Philip Jansen.
After having evolved downwards in the first exchanges, the action returned close to equilibrium (-0.04%).
On the side of oil and currencies
Oil prices started the week down on Monday, weighed down by fears surrounding the economic situation in China, which might have consequences on demand for the world’s largest crude importer: the barrel of Brent was worth US$77.89 (-0.73%) and that of WTI 73,27 $US (-0,80%).
The euro fell 0.10% to US$1.0956.
The bitcoin was stable at US$30,200.
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