2023-04-17 12:07:17
Paris (awp / afp) – World stock markets do not show a clear trend on Monday, waiting for new macroeconomic indicators and company results to position themselves.
After opening higher, European stock indices reversed direction. Paris (-0.08%), Frankfurt (-0.07%) and Milan (-0.03%) were close to balance, while London gained 0.29%. In Zurich, the SMI yielded 0.32%.
In China, Hong Kong jumped 1.68% and Shanghai 1.42% after a move by the country’s central bank was well received by investors. Investors seem confident ahead of Tuesday’s release of China’s first quarter GDP.
Wall Street is heading for an open around equilibrium, according to futures for the three major indexes. On Friday, a stronger than expected decline of 1% in retail sales in the United States in March had pushed them into the red.
Anticipating the evolution of interest rates and gauging the risk of recession are at the heart of the concerns of market operators.
Early corporate results, including comfortable profits from several US banks, are reassuring investors.
“Recent stress around US banks has heightened concerns around the path of growth, triggering a shift in focus from markets focused on inflation last year to growth this year,” Stephen said. Innes, analyst at SPI Asset Management.
“Nevertheless, the prospect of a spike in inflation tends to comfort stock market investors,” he adds.
Several speeches by members of the US central bank are expected this week, which will give analysts more food for thought ahead of the institution’s monetary policy meeting in early May.
Investors hope, however, that the US central bank will not only stop raising its key rates after the next meeting, but also lower them by the end of the year.
As for microeconomic information, the publications of company results continue this week, with in particular L’Oréal, Netflix, Johnson & Johnson, Goldman Sachs, or Ericsson.
Social appeasement at IDS ___
The British postal group International Distributions Services (IDS) takes 5.01% in London after the announcement of a tentative agreement with the CWU union on the pay of Royal Mail employees, which could end a social movement which lasts for months.
Winning game for Rovio ___
Japan’s Sega is to launch a friendly takeover bid for Finland’s Rovio, known for its hit Angry Birds franchise, for nearly 700 million euros, representing a 19% premium to the closing share price Rovio Friday.
Around 11:30 GMT, Rovio jumped 17.75% in Helsinki, while Sega lost 4.17% in Tokyo.
New offer on Network International ___
Network International, which specializes in payment solutions in the Middle East and Africa, soared 18.81% to 360 London pence, after confirming a takeover offer from CVC Capital Partners and Francisco Partners Funds at 387 pence by action which would value the company at some 2.1 billion pounds.
In its wake, Worldline climbed 3.58% in Paris.
On the side of oil, currencies and rates ___
On the foreign exchange market, the euro lost 0.15% against the dollar at 1.0975 dollars around 11:30 GMT.
Oil prices fell slightly on Monday as fears that a sluggish global economy would consume less than expected offset sharp output cuts by some OPEC+ members. The barrel of American WTI lost 0.47% to 82.14 dollars around 11:30 GMT and that of Brent from the North Sea fell by 0.35% to 86.01 dollars.
On the bond market side, rates were stable. The yield on German 10-year debt was worth 2.46%, and the American equivalent 3.54%.
The bitcoin fell by 1.77% and fell back below the 30,000 dollar mark.
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