2023-06-01 14:04:32
(Photo: Getty Images)
MARKET REVIEWS. World stock markets continue their surge on Thursday, supported by a decline in inflation in the euro zone in May and reassured by progress in the United States regarding an agreement on raising the American debt ceiling.
Stock indices at 8:00 a.m.
Global markets were mostly up Thursday morning, after the US Congress approved the deal that averts a fiscal crisis in the United States.
Paris and Frankfurt jumped about 1% in early trading in Europe, while London added 0.7%.
In New York, before the markets open, the average Dow Jones of industrial stocks rose by 0.1% and the broader index S&P 500 of 0.2%.
In Asia, the Nikkei 225 added 0.8% in Tokyo. The Shanghai Stock Exchange was stable and the Hang Seng fell 0.1% in Hong Kong. Sydney gained 0.3% and Seoul gave up the same margin.
On the New York Commodities Exchange, the price of oil added 12 cents US to US$68.21 a barrel.
The context
In the morning, the one-year inflation rate in the euro zone came out lower. The index fell sharply to 6.1% after 7% in April, thanks in particular to a marked decline in energy prices, according to an initial estimate published by Eurostat.
However, inflation remains well above the 2% target set by the European Central Bank (ECB).
The news from the United States also reassured investors. The elected members of the House of Representatives in the United States adopted by a very large majority the text aimed at raising the debt ceiling, which thus further removes the specter of a default by the United States, which would have catastrophic consequences for the American and global economy.
The text must now be adopted by the Senate, which should decide quickly.
The markets are also attached to the statements of the day before representatives of the American central bank (Fed). Fed Governor Philip Jefferson and Philadelphia Branch Chairman Patrick Harker have both publicly expressed support for a monetary status quo after the next meeting on June 13-14.
“Investor attention will now turn to the monthly private sector job creation report for May in the United States, alongside the release of the first jobless claims” and activity indicators in services and industry, commented Pierre Veyret of ActivTrades.
ADNOC flies to Abu Dhabi
The action of the logistics unit of the Emirati oil giant ADNOC rose by around 50% on Thursday for its first day of trading on the Abu Dhabi Stock Exchange, raising nearly 720 million euros.
ADNOC Logistics and Servicescreated in 2016, was heavily oversubscribed even after the offering grew from 1.1 billion to more than 1.4 billion shares, equivalent to 19% of the company.
Dr. Martens boots into touch
The action of the British shoe brand Dr. Martens fell more than 10% on Thursday on the London Stock Exchange following declining annual results that the company attributes to “mistakes” in the United States.
The brand made famous by the punk movement saw its net profit group share plunge 29% to 128.9 million pounds, for the financial year ended March 31.
Commodities and Currencies
In the wake of the adoption by the House of Representatives of the text aimed at raising the debt ceiling of the United States, the barrel of Brent from the North Sea, for delivery in August, of which it is the first day of used as a benchmark contract, dropped 0.68% to 72.10 dollars around 11 a.m. GMT.
Its American equivalent, the barrel of West Texas Intermediate (WTI) for July delivery, was down 0.71% to $67.60.
On the foreign exchange market, the greenback gained 0.20% against the single currency, to 1.0711 dollars for one euro.
Bitcoin fell 0.90% to $26,872.
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