2023-05-22 12:22:26
(Photo: The Canadian Press)
MARKET REVIEWS. Western stock markets were down slightly on Monday pending the meeting between President Joe Biden and Republican leader Kevin McCarthy on raising the US debt ceiling.
Stock market indices at 8:15 a.m.
The futures contracts Dow Jones posted an increase of 30.00 points (+0.09%) to 33,526.00 points. The futures contracts S&P 500 increased by 3.25 points (+0.08%) to 4,208.00 points. The futures contracts Nasdaq advanced by 3.00 points (+0.02%) to 13,861.00 points.
In London, the FTSE 100 increased by 4.10 points (+0.05%) to 7,760.97 points. In Paris, the CAC 40 lost 21.79 points (-0.29%) to 7,470.17 points. In Frankfurt, the DAX fell 53.41 points (-0.33%) to 16,221.97 points.
In Asia, the Nikkei Tokyo rose 278.47 points (+0.90%) to 31,086.82 points. For his part, the Hang Seng Hong Kong rose 227.60 points (+1.17%) to 19,678.17 points.
On the oil side, the price per barrel of American WTI rose US$0.35 (+0.49%) to US$71.90. The barrel of North Sea Brent increased by US$0.41 (+0.54%) to US$75.99.
The context
The Athex index of the Athens Stock Exchange jumped more than 7.1% after the large victory of the right in the legislative elections, which called for a new ballot “perhaps June 25” to seize the absolute majority. The index returned to its highest level since 2014.
The New York Stock Exchange is heading for an open around equilibrium for its three major indexes, according to futures.
In Asia, the trend is more playful: Tokyo continued to progress with an eighth session of consecutive gain (+0.90%), bringing it to the highest for 30 years. Hong Kong gained 1.17%, Shanghai 0.39%.
President Joe Biden and Republican Leader Kevin McCarthy will meet in person on Monday to continue negotiations about ten days before the default deadline.
Global markets had risen last week along with the discussions, but a change in tone from Kevin McCarthy on Friday had given less relief to the last session.
Republicans are demanding a cut in federal spending to give the green light. The Biden administration refuses, and proposes for its part to reduce certain expenses while increasing taxes for the richest and companies.
“We remain of the opinion that the worst will be avoided. There will be no fault. But the uncertainty pushes us to remain cautious,” say analysts at Banque Postale AM.
Furthermore, “as the June U.S. central bank meeting looms and the possibility of a hike, which was all but ruled out a week or two ago, grows ever more pressing, policy officials There are many Feds” to intervene this week, also note analysts at Deutsche Bank.
Borussia Dortmund champion on the floor
L’action Borussia Dortmund jumped (+ 13.60%) after the victory on Sunday of the Ruhr football club which placed it in pole position for the title of German champion in front of Bayern Munich. He is only one game away from the title that has eluded him since 2012.
On the sports side in Frankfurt, the sports equipment supplier Adidas (+ 1.26%) announced Friday to begin the partial sale of its stock of Yeezy sneakers, produced with Kanye West, at the end of May and to intend to donate part of the profits to NGOs, including the ADL, which fights against anti-Semitism .
Ryanair profitable
Irish airline Ryanair (+2.56%) returned to profit in its staggered annual financial year ending at the end of March, posting a positive result of 1.4 billion euros, driven by “the strong recovery in traffic” and despite operating costs up 75%. It had suffered a net loss of 355 million euros a year earlier.
Air-France-KLM (+1.57%), Lufthansa (+1.58%), or even IAG (+1.59%) are flying in its wake.
Commodities and Currencies
Oil prices are stabilizing: the barrel of Brent de Mer du Nord was worth 75.55 dollars (-0.01%), while the barrel of American WTI cost US$71.61 (+0.03%).
The price of natural gas in Europe remained below 30 euros per megawatt hour (-1.90% to 29.60 euros)
The euro was trying to stabilize after its sharp drop last week: it gained 0.15% to $1.0822.
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