2024-01-11 13:26:53
(Photo: 123RF)
MARKET REVIEWS. The European stock markets are moving slightly in the positive direction on Thursday, before knowing the verdict on American inflation in December and drawing analyzes on the monetary policy of central banks.
Stock market indices at 7:00 a.m.
London, Frankfurt and Paris added between 0.5% and 0.8% at the start of the session in Europe.
In New York, before the markets opened, the average Dow Jones industrial stocks rose by 0.3% and the broader index S&P 500 of 0.2%.
In Asia, the Nikkei 225 jumped 1.8% in Tokyo, to 35,049.86 points, a high since February 1990. The stock exchange Shanghai advanced by 0.3% and the Hang Seng by 1.3% in Hong Kong. Sydney took 0.5% and Seoul was stable.
On the New York Commodity Exchange, the price of oil rose 89 US cents to US$72.25 per barrel.
The context
The CPI inflation indicator should have increased by 3.2% year-on-year, compared to 3.1% the previous month, according to a MarketWatch consensus.
Investors, however, believe that this trend, if confirmed, should not call into question the drop in inflation observed in 2023, and which should in the coming months lead prices to increase over one year by only 2 %, the target of central bankers.
The markets have already projected towards this prospect, which opens the way to cuts in key rates from central banks, allowing the stock indices to soar at the end of 2023, despite much more cautious speeches from central bankers.
On Wednesday, however, the President of the Federal Reserve (Fed) of New York, John Williams, declared that “it will only be appropriate to reduce the degree of restriction when we are convinced that inflation is moving towards 2% on a sustainable basis. “.
“Another Fed official is therefore avoiding any signal of imminent rate cuts,” noted Deutsche Bank analysts.
In Asia, the trend was more marked upward: the Tokyo Stock Exchange gained 1.77%, a gain of more than 5% in three sessions.
The Nikkei index finished above 35,000 points for the first time since February 1990, supported by investor optimism about the outlook for the Japanese economy and the weakening yen.
Elsewhere in Asia, Hong Kong broke its downward spiral by rising 1.27%, while Shanghai gained 0.31%.
On the bond market, interest rates on government bonds fell in Europe and the United States.
Marks & Spencer: rising costs
Despite a “strong performance” at Christmas, Marks & Spencer for its part warned that “expectations for economic growth remain uncertain, with risks linked to consumption and geopolitics”. The British distributor said it was “also faced with cost increases” linked to salaries and local taxes. M&S shares fell by 5.37% in London.
Tesco, which announced Thursday “record” sales in the weeks before Christmas thanks to its attractive prices, was dragged down and lost 0.57%.
Bitcoin accelerates after the SEC
The bitcoin rose 2.24% to US$46,975, after the American financial markets watchdog, the SEC, gave the green light on Wednesday to the listing of a new investment product in bitcoins.
The flagship cryptocurrency had already climbed significantly in recent weeks due to speculation about this decision. Over one year, its value has multiplied by more than 2.5.
The euro was stable (+0.02%) against the dollar, at US$1.0976 per euro.
The prices of oil rose on Thursday, driven by a return of appetite for risk on the markets and tensions in the Red Sea, which are worrying about the supply of black gold.
The barrel of Brent took 1.56% to US$78.00 and the American WTI gained 1.61% to US$72.52.
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