2023-05-05 14:01:56
(Photo: Getty Images)
MARKET REVIEWS. Stock markets, which experienced a technical rebound on Friday after declines in the wake of central bank announcements this week, should end the week on a negative balance.
Stock market indices at 7:45 a.m.
The futures contracts Dow Jones advanced by 166.00 points (+0.50%) to 33,362.00 points. The futures contracts S&P 500 gained 27.50 points (+0.67%) to 4,103.25 points. The futures contracts Nasdaq rose by 80.75 points (+0.62%) to 13,124.50 points.
In London, the FTSE 100 posted an increase of 34.82 points (+0.45%) to 7,737.46 points. In Paris, the CAC 40 collected 43.75 points (+0.60%) at 7,384.52 points. In Frankfurt, the DAX rose by 124.97 points (+0.79%) to 15,859.21 points.
In Asia, the Nikkei Tokyo advanced 34.75 points (+0.12%) to 29,157.95 points. For his part, the Hang Seng Hong Kong advanced 100.58 points (+0.50%) to 20,049.31 points.
On the oil side, the price per barrel of American WTI earned US$1.90 (+2.77%) to US$70.46. The barrel of North Sea Brent advanced US$1.85 (+2.55%) to US$74.35.
The context
The New York Stock Exchange should also recover after being weighed down by regional banks on Thursday.
In China, where activity in services experienced its strongest expansion in two years in April, the Hong Kong Stock Exchange gained 0.50%, while Shanghai lost 0.48%.
This week the European Central Bank (ECB) and the US Federal Reserve (Fed) each announced a 0.25 percentage point increase in their key rates, without giving any clear indication of their next moves.
For Pierre Veyret, analyst at ActivTrades, “market sentiment remains uncertain” at the end of the week, “despite the absence of significant surprises at the latest ECB and Fed meetings, risk appetite continues to decrease both in the United States and in Europe.
Investors’ attention will turn to the US employment report, considered crucial for anticipating the monetary policy of the Fed, which warned that its next decisions would depend on the evolution of macroeconomic indicators.
Regarding the European economy, in Germany, orders to industry fell in one month by 10.7%, unheard of since the trough of Covid-19.
These data are “a clap of thunder”, commented the economist Jens-Oliver Niklasch, of the bank LBBW.
He sees it as “a real sign of recession” after a good start to the year for German industry.
In France, industrial production fell by 1.1% after a rebound in February.
On the bond market, the interest rates of the debts of the European States rose sharply. That of the German 10-year bond was worth 2.27% against 2.18% at the close of the previous day.
Apple exceeds expectations
Investor morale is supported by results d’Applesubstantially above market expectations thanks to a slight increase in iPhone sales.
Its turnover reached nearly 95 billion US dollars for the period from January to March and the Californian group generated 24 billion in net profit. Its stock rose 2.65% in trading prior to the opening of Wall Street.
Banks on the rebound
Shares of US regional banks are expected to rebound on Wall Street after falling sharply the day before, including Pacwest which recovered 18% in pre-opening electronic trading. In the process, European banks started to rise again.
Intesa Sanpaolo rose 2.81% in Milan after reporting net profit above analysts’ forecasts polled by Factset. Unicredit gained 3.71%.
In Paris, BNP Paribas took 2.13% and Societe Generale 1.76%.
In Frankfurt, Deutsche Bank grew by 3.26% and Commerzbank by 2.84%.
Adidas has the cord
The German sports equipment manufacturer Adidas has announced that it went into the red in the first quarter with a net loss group share of 39 million euros, penalized by the sudden cessation of Yeezy sneakers by American rapper Ye, formerly known as Kanye West.
Its stock rose 7.22% in Frankfurt, its results beating the forecasts of analysts polled by Bloomberg.
On the side of oil and currencies
Oil prices were recovering, trying to make up for losses close to 9% since the start of the week. The barrel of West Texas Intermediate (WTI), the benchmark US variety, for June delivery, gained 2.51% to US$70.28. The barrel of North Sea Brentdue in July, was up 2.48% to US$74.32.
In the foreign exchange market, the dollar struggled to stabilize against several other currencies. It lost 0.08% against the euro at US$1.1021 for one euro. There book reached a high since the end of May 2022 against the dollar, at US$1.2647 for one pound. The dollar lost 0.27% against the pound.
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