Global Market Reviews: Latest Updates on Stock Market Indices, Stellantis, Oil, Bitcoin, and More

2024-02-15 15:18:27

(Photo: 123RF)

MARKET REVIEWS. Global markets were mostly up Thursday morning, after Wall Street recouped the majority of losses incurred earlier this week the day before.

Stock market indices at 7:30 a.m.

At the start of the session in Europe, London added 0.2%, Frankfurt advanced by 0.6% and Paris jumped 0.9%.

In New York, before the markets opened, the average Dow Jones industrial stocks and the broader index S&P 500 increased by 0.2%.

In Asia, the Nikkei 225 added 1.2% in Tokyo, to a 34-year high. THE Hang Seng gained 0.4% in Hong Kong. Chinese stock markets remain closed for the Lunar New Year festivities. Sydney took 0.8% and Seoul lost 0.3%.

On the New York Commodity Exchange, the price of oil dropped 14 US cents to US$76.50 per barrel.

The context

Only London is marking time, almost stable at +0.10% at 7:45 a.m., after the United Kingdom entered recession in the second half of last year, according to figures from the Office for National Statistics published on Thursday. .

Oanda analyst Craig Erlam, however, believes that “the economy [britannique]has, as in many countries, demonstrated great resilience, and should bounce back this year.

In response, the pound weakened against other currencies. It lost 0.269% against the euro at 1.1683 euros per pound. And the interest rates on the British government loan fell slightly (4.01% for the ten-year maturity) because “this increases the probability of a reduction in the Bank of England’s key rates”, according to Stephen Payne, manager at Janus Henderson.

For their part, government borrowing rates continue their slow decline. The ten-year rate for the United States was at 4.22%, down from 4.26% on Wednesday.

Stellantis and Renault are racing

The Renault group confirmed its return to the track after difficult years by publishing on Wednesday a net profit share of the group for the year 2023 of close to 2.2 billion euros. The action gained 5.72% to 39.85 euros, with Oddo analysts emphasizing that “the increase in the dividend as well as the solid forecasts are likely to increase the confidence” of investors.

The Stellantis automotive group published a new record profit of 18.6 billion euros for 2023 on Thursday, gaining 5.32% to 23.76 euros. The publication is in line with analyst consensus expectations, underlines RBC. The Stellantis share achieved the best performance in the CAC 40 in 2023.

Temenos ace

The Swiss company specializing in banking applications Temenos saw its stock collapse after the publication of a report from the investment company Hindenburg Research, which accused it of manipulation of profits and major accounting irregularities. At midday, the company’s stock price fell 31.40%.

Commerzbank has credit

The second German bank Commerzbank (+5.01% in Frankfurt) reported its best annual net profit in 15 years on Thursday, aiming even better in 2024 despite the expected drop in rates. The forecast for 2024 “is in line with expectations”, although the expected slowdown in net interest income seems “too conservative”, according to Deutsche Bank analysts, who recommend buying the stock.