2023-06-23 16:14:00
Paris dropped 0.55%, London 0.54%, Frankfurt 0.99% and Milan 0.73%. In Zurich, on the other hand, the SMI rose by 0.34%.
Global stock markets fell again on Friday, marked by the deterioration of economic activity in the euro zone with disappointing advanced activity indicators, which also caused rates to fall.
Wall Street is trading lower and on the verge of breaking weekly bullish series: the Nasdaq fell 0.93%, near its first week in the red for two months, the S&P 500 0.64%, towards a weekly loss for the first time in five weeks, and the Dow Jones by 0.55% around 3:50 p.m. GMT.
European stock markets ended the week in negative territory, as in each of the sessions, and the pan-European Eurostoxx 600 index had its worst week (-2.97%) since mid-March. On Friday, Paris lost 0.55%, London 0.54%, Frankfurt 0.99% and Milan 0.73%. In Zurich, on the other hand, the SMI gained 0.34%.
Investors were put off after the release of advanced reports on PMI economic activity in the Eurozone. Private sector growth slowed sharply in June, falling to near zero, weighed down by industry woes, according to S&P Global’s first estimate.
The index is at its lowest for five months and “all the indicators for European countries have been disappointing” according to Edward Moya, an analyst at Oanda.
“The last few days have been marked by a significant change in mood on the outlook for the global economy” which is pushing “investors to reassess the outlook for valuation” on the stock market, said Michael Hewson, analyst at CMC markets.
Faced with fears about the economy in the euro zone, investors fled the common currency: around 1:45 p.m. GMT, the euro lost 0.60% to 1.0890 dollars.
Investors also favored safe havens such as the bond market, leading in Europe to one of the strongest declines in one-session yields since March.
The interest rate on the German 10-year loan was at 2.35% at 3:45 p.m. GMT against 2.49% and the French at 2.88% against 3.02% on Thursday.
In the United States, 10-year Treasury bills stood at 3.74%, against 3.80% on Thursday.
The markets are also digesting a week full of announcements from central banks and their representatives, starting with Jerome Powell, Chairman of the Federal Reserve (Fed), who indicated that the hikes in the Fed’s key rates were not over. .
3M taped
On Wall Street, the action of 3M fell by 0.55%. The industrial conglomerate has agreed to pay between 10.3 billion and 12.5 billion dollars to put an end to lawsuits in the United States concerning the contamination of drinking water networks by eternal pollutants (PFAS).
Siemens Energy takes a blade
German energy company Siemens Energy revealed on Friday that the scale of wind turbine failures at its subsidiary Siemens Gamesa was far greater and more costly than expected, leading to a record plunge in its stock price.
Siemens Energy shares tumbled 37.34%, dropping around 6 billion euros in market capitalization. Its parent company Siemens lost 2.84%, and the Danish Vesta Wind 6.63%.
GSK is recovering
British pharmaceutical giant GSK gained 4.87% after it announced an out-of-court settlement in California in a dispute over heartburn drug Zantac, which patients have accused of contributing to their cancer.
In Paris, the Sanofi laboratory, which also benefited from positive legal news on the sidelines of the same case during the week, ended up 1% on Friday and achieved the best performance of the CAC 40 index over the week. .
On the side of oil and bitcoin
Oil prices continued to fall in the context of fears about economic activity.
Around 3:35 p.m. GMT, a barrel of Brent from the North Sea, for delivery in August, lost 0.88% to 73.49 dollars.
Its American equivalent, a barrel of West Texas Intermediate (WTI) for delivery the same month, dropped 1.03% to 68.79 dollars.
Bitcoin rose 2.63% to $30,950.
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