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The day’s statistics had no effect on the trend, on the eve of the opening of the Jackson Hole symposium, which brings together the world’s major fundraisers each year. Caution should continue until Friday and the speech of the head of the US central bank.
It was one of the quietest sessions of the year. The Cac 40 closes this Wednesday session on a stable note (+0.18%, to 6,676.48 points), in a meager trading volume of 2.3 billion euros. The biggest increase is achieved by Societe Generale (+2.44%), ahead Publicis (+2.21%) and Airbus (+2,17%). Vinci ends on a slight gain of 0.54%. The concessionaire’s motorway traffic rose above its 2019 level in July.
The trend is also towards stability on Wall Street. Yesterday, the S&P 500 set a new record, but for less than 7 points… The number of all-time highs for the managers’ flagship index in 2021 (50) is also on track to be the second highest in a calendar year since 1928, notes Bank of America. Ditto on the side of the Nasdaq Composite, which registered a new record, following its fourth consecutive session of increase.
The few statistical meetings of the day had no impact. The Ifo business climate index in Germany, published mid-morning, disappointed for the month of August, down to 99.4 points, once morest 100.4 points expected and 100.7 in July. The expectations component notably fell to 97.5 points, once morest 100 expected and 101 the previous month.
“Bottlenecks affecting intermediate products in the manufacturing industry and fears linked to the number of infections are weighing on the economy”, explains Clemens Fuest, president of the German institution, adding that concern is increasing particularly in the hotel and catering and tourism sectors.
For Carsten Brzeski, an economist at ING Bank, the survey results suggest a deterioration in the momentum of the recovery in the second half. Gold, “stabilization of the growth rates of the START […] would imply that the German economy will not return to its pre-crisis level this year but only in 2022”he explains for Archyde.com.
In the United States, durable goods orders fell by 0.1% in preliminary data for July (-0.3% expected by the Bloomberg consensus). On the other hand, they increased by 0.7% excluding transport (+0.5% expected).
“The peak of contamination is near”
Caution continues to dominate on the eve of the opening of the Jackson Hole symposium and trading volumes should therefore remain weak on Wednesday. The meeting of the great fundraisers of the planet indeed begins tomorrow and ends on Saturday. The most anticipated speech is that of the head of the US Federal Reserve, Jerome Powell, on Friday, on “economic forecasts”, during which investors will watch for the slightest clue on the timetable for “tapering”, reduction of asset purchases of the central bank.
But the mood is rather optimistic on the health front, which is fueling some initiatives. In the United States, the number of new Covid-19 infections continues to increase, but at a slower rate. “The percentage of increase in cases and hospitalizations is decreasing every week, indicating that the peak of contamination is near in the country”underlines Chris Meekins, health analyst at Raymond James. ‘Markets seem to believe the latest Covid outbreak has peaked, and that’s a good thing’estimates for his part Jamie Cox, co-director of the Harris financial group, for CNBC.
Same feeling in Asia. “China’s Delta variant outbreak appears under control with two consecutive days of no new domestic cases in the country, while the People’s Bank of China pledges to strengthen credit support for small businesses and the real economy »explains in a note Tapas Strickland, director of economics and markets at National Australia Bank.
