2023-11-30 15:07:45
(Photo: The Canadian Press)
MARKET REVIEWS. Global markets were mostly higher Thursday ahead of an inflation update in the United States and a meeting of oil producers in Vienna.
Stock market indices at 7:30 a.m.
In Europe, the DAX German and the CAC 40 in Paris increased slightly by 0.1%. The British index FTSE 100 advanced 0.3%.
In New York, before the markets opened, the average Dow Jones industrial values advanced by 0.4% and the expanded index S&P 500 increased by 0.1%.
In Asia, the Nikkei 225 of Tokyo gained 0.5%, while the Hang Seng of Hong Kong increased by 0.2%. For his part, Shanghai advanced 0.3%.
Seoul grew by 0.6%, while Sydney climbed 0.7%.
On the New York Commodity Exchange, the price of oil gained 68 cents to settle at 78.54 US dollars ($US) per barrel.
The context
This session is dominated by publications on inflation and the figures are enough to please investors: in the euro zone, the rate fell further in November, falling to 2.4% over one year – its lowest level since July 2021 -, compared to 2.9% in October, according to figures published Thursday by Eurostat.
This is even less than the consensus of economists and the trend is the same on underlying inflation, which excludes the more volatile prices of raw materials and food.
“As inflation moves closer to the 2% target, the European Central Bank is aware that victory should not be declared too early, given the potential pressures from wage increases and labor markets. energy,” puts Richard Flax, investment director of Moneyfarm, into perspective.
Since the meeting of the American central bank at the beginning of the month, then the publication of falling inflation figures in the United States, investors are now convinced not only that monetary institutions are finished with their cycle of rate increases directors, but also that a drop is coming by May, or even as early as March.
These projections must nevertheless be supported by other inflation indicators, such as the PCE index for October in the United States, expected at 7:30 a.m.
This upward trend in the markets is also noticeable in the bond market: bond prices, which move in the opposite direction to rates, are on the way to their best month since the 2008 crisis at the global level, according to figures aggregated by the Bloomberg agency.
Government interest rates rose slightly in Europe and the United States.
New boss at ASML
The supervisory board of ASML, a key player in the global manufacturing of microprocessors, announced on Thursday its intention to appoint Christophe Fouquet as the new CEO, while current managing director Peter Wennink will retire in April. The Frenchman, aged around fifty, has worked for ASML for 15 years.
The action fell by 0.64% while other companies in the sector in Europe, such as STMicroelectronics (STM, +2,36%) or Infineon (IFX.DE, +0,50%)were progressing.
Oil rises before OPEC+
Oil prices were rising ahead of the ministerial meeting of OPEC+ crude exporting countries, eagerly awaited by the market, as the alliance must decide on its production targets for 2024 and could decide on cuts, despite persistent rumors of discord.
Around 5:20 a.m., the price of a barrel of Brent from the North Sea, for delivery in January, which is the last day of trading, rose 1.15% to 84.06 US dollars ($US).
Its American equivalent, a barrel of West Texas Intermediate (WTI), for delivery the same month, gained 1.23% to US$78.82.
On the currency market, the euro fell 0.54% to US$1.0910 following the publication of inflation figures.
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