(CercleFinance.com) – While London remains closed, the other European stock markets sag again on Monday (-1.5% in Frankfurt, -1.7% in Paris), continuing to suffer from comments made by the big central bankers this weekend, at the Jackson Hole symposium.
‘The chairman of the Fed said in his speech that the central bank must show determination and continue to raise interest rates to fight against inflation’, recalls Commerzbank.
‘He said being too hesitant would only increase costs in the long run. Jerome Powell has also tried to curb speculation about rate cuts next year,’ continues the German bank.
“Over the weekend, a number of ECB council members signaled support for a sharp rate hike at the bank’s next meeting in September (up to 75 basis points),” she by the way.
Thus, Commerzbank considers that the risk that the magnitude of its expectations for ECB rate hikes (50bp in September, 25bp in October and December) will prove to be too low ‘has clearly increased’.
No statistics are expected on Monday, but the next few days promise to be busy on this front, with for example the economic sentiment indices and inflation in the euro zone, the PMI manufacturing indices and the US employment report. for August.
On the values side, the news of the results looks calmer, but should appear in particular the annual accounts of Pernod-Ricard in Europe, as well as the quarterly of Best Buy, HP, and Broadcom on the other side of the Atlantic.
For now, Novartis is ahead nearly 1% in Zurich as the European Commission approved the healthcare group’s Scemblix for the treatment of adults with chronic myeloid leukemia.
Boskalis Westminster takes almost 3% in Amsterdam, supported by the decision of HAL to raise the price of its takeover bid for shares in the builder of maritime and port infrastructure.