Stock Market Rises on Inflation Slowdown: Wall Street and European Markets in the Green, Economic Data, and Investing Opportunities

2023-11-15 21:41:34

15 novembre 2023Archyde.com

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by Claude Chendjou

PARIS (Archyde.com) – Wall Street is expected to rise on Wednesday and European stock markets are also in the green at mid-session, the positive trend being supported by new data showing a slowdown in consumer price growth in several countries. Europe the day after the publication of an indicator also showing a deceleration of inflation in the United States.

New York index futures signal Wall Street opening up 0.30% for the Dow Jones, 0.45% for the Standard & Poor’s 500 and 0.62% for the Nasdaq.

In Paris, the CAC 40 rose 0.62% to 7,229.98 points around 12:35 GMT. In Frankfurt, the Dax rose by 0.72% and in London, the FTSE rose by 0.94%.

The pan-European FTSEurofirst 300 index gained 0.66%, the EuroStoxx 50 of the euro zone 0.68% and the Stoxx 600 0.70%.

After Tuesday’s American statistics showing a stronger than expected deceleration in consumer prices in October, investors welcomed the final data on HICP inflation on Wednesday showing that it has slowed down significantly in France in October, at 4.5% over one year, thanks to a lower increase in the prices of energy, food and manufactured products. In Italy it fell to 1.8% year-on-year, while in Britain it slowed to 4.6% after 6.7% in September.

“The improving inflation picture in the UK and US suggests we could start to see a fundamental shift in investment decisions, with the worst potentially over for bonds and stocks,” comments Stuart Cole, chief macroeconomist at Equiti Capital.

Industrial production in the euro zone, however, fell by 1.1% over one month in September and by 6.9% over one year, show data published on Wednesday by Eurostat, while the European Commission lowered its forecast for product growth. gross domestic GDP (GDP) of the bloc for this year at 0.6%.

Economic data on the American economy (retail sales and Empire State index) are expected from 1:30 p.m. GMT. They should also provide clues capable of mitigating or reinforcing the scenario of a probable recession in the months to come.

VALUES TO FOLLOW AT WALL STREET

Target climbs 10% in pre-market trading after the distributor announced a profit forecast well above Wall Street’s expectations for the current holiday quarter. In its wake, Walmart gained 0.7%.

VALUES IN EUROPE

Today’s Chinese statistics for retail sales and industrial production, better than expected, support the European luxury sector which is up 1.29%. Kering, LVMH and Richemont advance by 1.47%, 2.16% and 1.81% respectively.

Renault gained 2.80%, the car manufacturer having announced that it wanted to more than double the sales of its new electric entity Ampère with 7 models of electric vehicles.

Alstom plunges 16.796%, penalized by the announcement of an asset sale program and a capital increase project.

The Swiss group Alcon fell 4.39% after lowering its annual forecasts following a turnover lower than expectations in the third quarter.

RATE

Bond yields in the euro zone remain at a two-month low amid optimism about the decline in inflation. That of the ten-year German Bund is virtually unchanged at 2.604%, after a decline of almost 12 basis points on Tuesday.

Its American equivalent with the same maturity gained around three basis points, to 4.4765% after having lost 18 points the day before.

CHANGES

The dollar recovered slightly on Wednesday (+0.15%) against a basket of reference currencies after its sharp fall the day before, the largest in one session in a year.

The euro stands at 1.0858 dollars (-0.19%) and the pound sterling at 1.2462 dollars (-0.28%).

OIL

The oil market is hit by signs that the United States has reached peak crude production, which analysts say could keep prices down despite higher forecasts for global demand for oil. by the IEA and the good news from China.

Brent lost 0.33% to $82.2 per barrel and American light crude (West Texas Intermediate, WTI) lost 0.40% to $77.95.

(Edited by Claude Chendjou, edited by Kate Entringer)

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