2023-10-16 18:15:53
(Photo: The Canadian Press)
MARKET REVIEWS. Global markets fell and oil prices edged lower as investors prepared for an Israeli invasion of the Gaza Strip on Monday.
Stock market indices at 8:00 a.m.
In Europe, the German DAX as well as the CAC 40 in Paris fell by 0.5%. The British index FTSE 100 was down 0.1%.
In New York, before the markets opened, the average Dow Jones industrial stocks and the broader index S&P 500 rose slightly by 0.1%.
In Asia, Tokyo fell 2%, while Seoul fell by 0.8%. THE Hang Seng of Hong Kong lost 1% and Shanghai was down 0.5%. HAS Sydneythe index lost 0.4%.
Monday morning, the crude oil American was down 17 cents at $87.52 a barrel.
The context
“Risk aversion still appears to prevail as investors await further geopolitical developments in the Middle East, hoping that the military conflict will not escalate further and directly involve other countries,” wrote in a note Pierre Veyret, ActivTrade analyst.
Israel said on Monday that no truce was in place to allow humanitarian aid into Gaza, where a million desperate Palestinians have massed on the border with Egypt, fleeing bombings launched by the Israeli army in response to the bloody Hamas attack.
On the markets, the outbreak of the conflict resulted last week in a jump in oil, arms companies and gold, which experienced its largest weekly gain in six months (+5.45% ), and by a fall in bond yields, signs of investor caution.
On Monday, government bond yields rose slightly and gold fell (-0.88% to $1,915.89 per ounce), while oil fell slightly.
The price of baril you Brent lost 0.17% to 90.74 US dollars ($US) while the American WTI was almost stable (+0.02%) at 87.71 US$s 07:10.
The euro rose 0.19% against the dollar, to US$1.053 per euro.
In terms of indicators, investors will have little new information on Monday, apart from an index of manufacturing activity in the highly industrialized region of New York (Empire State).
In Europe, the Spanish government announced on Monday that it had revised upwards its growth forecast from 2.1% to 2.4% for 2023 due to the “dynamism” of activity in recent months in the country, while the The National Institute of Statistics confirmed that inflation had slowed to 5.3% year-on-year in September.
Several large companies in the United States (Tesla, Bank of America, Johnson & Johnson, Procter & Gamble) or in Europe (L’Oréal, Nestlé) are also due to publish their quarterly results this week.
Covid vaccines earn less
The German pharmaceutical laboratory BioNTech announced on Monday that it would have to write down its stocks linked to the Covid-19 vaccine by 900 million euros, while demand for this product has slowed.
Before the opening of the New York Stock Exchange, where BioNTech(BNTX) is listed on the Nasdaq, the stock lost 7.32%.
The American laboratory Pfizer (PFE) announced on Friday that it was lowering its forecasts for its entire 2023 financial year, due to sales of products (vaccine and treatment) linked to Covid-19 lower than its expectations. It could open down more than 2% in New York.
Banks in Poland are jumping
Among the big winners of the elections in Poland in the eyes of investors, are the Bank Pekao (+11.94%), the PKO Bank (+9,68%), mBank (+7.78%), or even Santander Bank Purse (+5,87%).
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