2023-11-21 14:56:04
(Photo: Getty Images)
MARKET REVIEWS. The stock markets are moving in a dispersed order on Tuesday, awaiting the publication of the “Fed minutes”, minutes of the last meeting of the American central bank, as well as the results of the American technology giant Nvidia.
Stock market indices at 8:30 a.m.
Futures contracts Dow Jones dropped -79.00 points (-0.22%) to 35,146.00 points. Futures contracts S&P 500 fell -13.00 points (-0.28%) to 4,549.25 points. Futures contracts Nasdaq fell by -75.00 points (-0.47%) to 16,011.50 points.
In London, the FTSE 100 decreased by -41.85 points (-0.56%) to 7,454.51 points. In Paris, the CAC 40 dropped -29.41 points (-0.41%) to 7,217.52 points. In Frankfurt, the DAX advanced +4.27 points (+0.03%) to 15,905.60 points.
In Asia, the Nikkei from Tokyo fell -33.89 points (-0.10%) to 33,354.14 points. For his part, the Hang Seng Hong Kong lost -44.18 points (-0.25%) to 17,733.89 points.
On the oil side, the price of a barrel of American WTI fell by -US$0.86 (-1.10%) to US$76.97. The barrel of North Sea Brent fell -US$0.84 (-1.02%) to US$81.48.
The context
During the session, few macroeconomic publications are expected. The President of the European Central Bank (ECB), Christine Lagarde, and the German Finance Minister, Christian Lindner, will speak at a conference on inflation.
After the European markets close, “the inflation rate in Canada in October will hold our attention as well as” the minutes of the last meeting of the American monetary institution, underlined John Plassard, investment specialist at Mirabaud .
On the foreign exchange market, the single European currency approached the symbolic threshold of 1.10 US dollars per euro on Monday evening, with currency traders riding the start of a shift in the Fed, from which the market is expecting rate cuts. in 2024. The European currency was stable (+0.04%) against the greenback, at US$1.0944 per euro.
Operators now attribute a probability of more than 50% to the scenario of a first reduction in the Fed’s key rate in May, compared to 34% a week ago. They also expect at least four reductions in 2024, compared to no more than three estimated just a few days ago.
On the microeconomic level, “investors will pay attention”, after the close of Wall Street, to the publication of results “from Nvidia to get an idea of the enthusiasm around artificial intelligence”, reported John Plassard.
The American giant “will try to exceed its own forecast of 16 billion US dollars (US$B) in sales in the third quarter, against US$13.5B a quarter earlier,” commented Ipek Ozkardeskaya, analyst at Swissquote Bank.
“Better than expected results could allow Nvidia to reach a new high, but any less good result is likely to trigger significant profit taking” and therefore the fall of the stock on the New York stock exchange.
Baidu does better than expected
The Chinese internet giant Baidu on Tuesday published a turnover up 6% year-on-year in the third quarter, exceeding analysts’ expectations despite the economic slowdown in China.
In pre-market electronic trading in New York, the stock gained 2%.
Rome sells 25% of the capital of MPS
The Italian Ministry of the Economy announced on Monday the sale on the markets of 25% of the bank’s capital Monte dei Paschi di Siena (MPS)the oldest in the world, of which the Italian State previously held 64%, for an amount of 920 million euros.
Rome, which must withdraw from the capital of MPS in order to meet the demands of the European Commission, was seeking to sell part of its stake to investors, failing to have found a buyer for the company.
The Italian government has thus kicked off a wave of privatizations expected to bring in 20 billion euros by 2026, an objective however considered ambitious by analysts.
On the Milan Stock Exchange, the stock fell 4.39%.
Oil goes down a little
Oil prices were losing ground after the increases the day before and Friday, with the market expecting to see OPEC+ remain on the offensive at its next meeting on Sunday, to support prices.
The price of a barrel of North Sea Brent for delivery in January fell 0.28%, to US$82.10.
The barrel of West Texas Intermediate (WTI) American, with expiry in December, dropped 0.30%, to US$77.60.
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