2023-09-11 17:07:04
Paris (awp/afp) – Western stock markets are moving in the green on Monday, with a further reduced agenda for investors before new data on inflation in the United States on Wednesday and the meeting of the European Central Bank on Thursday.
Paris closed up 0.52%, the Frankfurt Stock Exchange gained 0.39% and London advanced 0.25%.
On Wall Street, the Dow Jones gained 0.15%, the broader S&P 500 index advanced 0.41% and the Nasdaq gained 0.59%, notably driven by a favorable rating for Tesla, once morest a backdrop of bargain hunting. .
The indices experienced a session on Monday whose macroeconomic agenda was without any major economic meeting, showing themselves to be rather wait-and-see before a burst of publications later in the week.
In the United States, the CPI price index for August will be published on Wednesday, retail sales are expected on Thursday as well as the latest edition of the consumer sentiment survey published by the University of Michigan.
“In general, fears around China continue to weigh quite heavily on the market. The country has been trying since the end of July to revive its economy with small measures” deemed insufficient by investors, believes Charles de Riedmatten, equity manager. at Myria AM.
“And then the second fear concerns inflation in Europe which remains high while we await the decision of the European Central Bank on Thursday,” continues the analyst.
The European monetary institution – just like the Federal Reserve (Fed), its American counterpart, later in September – will have to choose between raising its rates for the tenth time in a row or taking a break, with a disappointing inflation trajectory and a gloomy situation.
“The fear is that central banks will be too restrictive and that they will dry up all sectors of the economy,” comments Charles de Riedmatten, recalling that “the impact of a rise in rates takes between 12 and 18 months to spread throughout the economy.
Alibaba down in New York
The Chinese e-commerce giant Alibaba dropped 1.55% in New York following announcing that its former CEO Daniel Zhang, who was preparing to take charge of a subsidiary on Monday, will finally leave the group.
RTX chute
RTX, parent company of Pratt & Whitney, lost more than 7% on Wall Street. The group will suffer a charge of 3 to 3.5 billion dollars in the “coming years” for problems caused by contaminants in the manufacturer’s engines, he announced on Monday.
BMW electrifies the Mini
The German car manufacturer BMW (+0.95%) has announced an investment of more than 600 million pounds (700 million euros) in the electrification of Minis in the United Kingdom and is aiming for 100% electric manufacturing in its factory. of Oxford from 2030.
gas rising
The price of European natural gas was rising, driven by disruptions in the supply of liquefied natural gas from Australia due to a strike.
Around 6:15 p.m., the Dutch TTF futures contract, considered the European benchmark, rose 3.88% to 35.84 euros per megawatt hour (MWh).
On the oil side, a barrel of Brent from the North Sea, for delivery in November, gained 0.14% to $90.78. Its American equivalent, a barrel of West Texas Intermediate (WTI), for delivery in October, was stable (+0.09%) at $87.59.
The two global benchmarks for black gold have been at their highest levels since November, driven by the extension of production and export restrictions from Saudi Arabia and Russia until the end of the year.
On the foreign exchange market, the dollar fell by 0.52% to 1.0756 dollars per euro and lost 0.56% once morest the pound, to 1.2540 dollars per pound.
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