Market update-Rebound in sight in Europe for the last meeting of the week
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Wall Street rose slightly on Thursday
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Asian squares also in green
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Lower production prices in China
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To follow USA production prices
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Rates and recession are still a concern
by Claude Chendjou
PARIS, Dec 8 (Reuters) – The main European stock market is expected to rise on Friday following Wall Street and Asian markets, but the final session of the week should remain cautious like the previous sessions, the concerns related to the risk of the economy recession and the prolonged maintenance of monetary tightening by major central banks, which are likely to limit gains.
According to the first indications available, the Dax Frankfurt should gain at the opening 0.39%, the FTSE 100 London 0.14% and the EuroStoxx 50 index 0.41%.
Since last Friday’s publication of the US jobs report, risk aversion has dominated financial markets, as several heads of major US banks have issued repeated warnings of a recession. in the United States next year.
Wells Fargo also indicated on Thursday night to predict a slowdown in global growth of just 1.7% in 2023 compared to the previous forecast of 2.4%.
At the same time, the approach of next week’s monetary policy meetings of the American Federal Reserve (Fed), European Central Bank (ECB) and Bank of England (BoE) does not encourage risk taking.
In today’s statistics, investors await the numbers for producer prices for the month of November in the United States and the first estimate of the Michigan confidence index for the month of December.
PRICES TO FOLLOW IN EUROPE:
ON WALL STREET
The New York Stock Exchange ended with a slight rebound on Thursday, after five sessions of declines for the Standard & Poor’s 500, driven by technology stocks, while a rise in weekly jobless claims in the United States gave a renewed hope of slowing rising interest rates.
The Dow Jones index gained 0.55%, or 183.56 points, to 33,781.48 points.
The broader S&P-500 gained 29.59 points, or 0.75%, to 3,963.51 points.
The Nasdaq Composite advanced for its share by 123.45 points (1.13%) to 11,082.00 points.
IN ASIA
On the Tokyo Stock Exchange, the Nikkei index ended up 1.3% to 27,933.13 points and the broader Topix advanced 1.03% to 1,961.56 points.
In China, the Shanghai SSE Composite gained 0.17% and the CSI 300 gained 0.72%, the indices were supported by the hope of an acceleration of the Chinese economy due to the latest statements by Chinese Premier Li Keqiang after announcing of Beijing’s easing of health restrictions.
As for China’s economic indicators, the producer price index (PPI) fell in November for the second consecutive month, by 1.3% on an annual basis, while the consumer price index (CPI) fell by 1.6 % Within a year.
On the geopolitical front, two US officials said Washington plans to impose new sanctions on Russia and China on Friday, which could influence the rest of the session.
RATE
US treasury bill yields fell on Asian exchanges, the ten-year posting 3.459% against a close in the United States at 3.493% and the two-year 4.29% against 4.312% the previous day.
In Europe, the ten-year German Bund yield was virtually unchanged on Thursday at 1.819%.
CHANGES
In the foreign exchange market, the dollar yielded Friday 0.21% against a basket of reference currencies after falling 0.4% the previous day.
The euro, up 0.17%, was trading at 1.0574 dollars, very close to its five-month high of 1.0594 dollars.
PETROLEUM
Oil prices, which were punished on Thursday by expectations of the imminent return to service of the important Keystone pipeline between Canada and the United States, are starting to rise again on Friday.
Brent rose 0.55% to 76.57 dollars a barrel and American light crude (West Texas Intermediate, WTI) 0.64% to 71.92 dollars.
KEY ECONOMIC INDICATORS THE AGENDA FOR DECEMBER 9: COUNTRY GMT INDICATOR ACHIEVED CONSENSUS TIME USA 1:30 pm Production prices November +0.2% +0.2%
– year on year +7.2% +8.0% USA 3:00 pm December confidence index 56.9 56.8
Michigan (first estimate)
THE MARKET SITUATION:
(Some data may show slight differences) ASIAN STOCK EXCHANGES Indices Last Var. Var. %YTD
Nikkei-225 points 27917.18 +342.75 +1.24% -3.04%
Topix 1961.56 +20.06 +1.03% -1.54% Hong Kong 19843.19 +392.96 +2.02% -15.19%
Taiwan 14705.43 +152.39 +1.05% -19.28%
Soul 2385.86 +14.78 +0.62% -19.87% Singapore 3238.47 +2.39 +0.07% +3.67%
Shanghai 3198.37 +1.02 +0.03% -12.13%
Sydney 7213.20 +37.70 +0.53% -3.11%
The Tokyo fence:
WALL STREET The previous fence: Indices Last Var. Var. %YTD
Dow Jones points 33781.48 +183.56 +0.55% -7.04%
S&P-500 3963.51 +29.59 +0.75% -16.84%
Nasdaq 11082.00 +123.45 +1.13% -29.17%
Nasdaq 100 11637.50 +140.10 +1.22% -28.69%
Wall Street session details: “The Day Ahead” – Update on the next session on Wall Street
EUROPEAN MARKETS Futures on the CAC 40 and the EuroStoxx50
Stocks to follow in Paris and Europe: The previous session: Indices Closure Var. Var. %YTD
Eurofirst 300 points 1721.34 -2.41 -0.14% -8.93%
Eurostoxx 50 3921.27 +0.37 +0.01% -8.77%
CAC 40 6647.31 -13.28 -0.20% -7.07%
Dax 30 14,264.56 +3.37 +0.02% -10.20%
FTSE 7472.17 -17.02 -0.23% +1.19% SMI 11004.53 -5.42 -0.05% -14.53%
CHANGES
Var. % YTD Euro/Dlr 1.0572 1.0556 +0.15% -7.00%
DLR/Yen 136.10 136.65 -0.40% +18.29%
Euro/Yen 143.92 144.26 -0.24% +10.44%
Dlr/CHF 0.9340 0.9364 -0.26% +2.39%
Euro/CHF 0.9874 0.9881 -0.07% -4.77%
Stg/Dlr 1.2261 1.2233 +0.23% -9.37%
Index $ 104.5920 104.7740 -0.17% +8.75%
RATE
Last Var. Spread/Bu
n/a
(points)
10-year Bund 1.8430 +0.0240
Bund 2 years 2.0820 +0.0180
10-year OATs 2.3040 +0.0070 +46.10
Treasury 10 3.4542 -0.0390 years
Treasury 2 4.2796 -0.0320 years
OIL (in dollars) Previous Price Var Var.% YTD US Light Crude 71.91 71.46 +0.45 +0.63% +17.48%
Brent 76.60 76.15 +0.45 +0.59% +16.01%
(Edited by Claude Chendjou)
