2023-11-15 15:08:05
Paris (awp/afp) – World stock markets rose on Wednesday, still reassured by the slowdown in inflationary pressures in the United States, with the market showing more optimism about the timetable for lowering key rates from central banks.
Wall Street opened higher: around 2:40 p.m. GMT, the Dow Jones gained 0.29%, the S&P 500 0.35% and the Nasdaq 0.41%.
After the slightly stronger decline than expected in the consumer price index on Tuesday, it was producer prices which slowed down a little more than expected by analysts in October, according to figures published on Wednesday.
Furthermore, retail sales fell slightly in October in the United States, for the first time since March, another signal that consumption is slowing in response to measures taken by the central bank to curb inflation. However, they fell less than expected by analysts.
In Europe, the Frankfurt Stock Exchange gained 0.72%, Paris advanced by 0.34%, London by 0.73% and Milan by 0.48%. In Zurich, the SMI fell 0.08%.
In the United Kingdom, inflation fell sharply in October, to 4.6% year-on-year compared to 6.7% the previous month. In Italy, the second estimate of inflation was revised downwards in October, to 1.7% year-on-year.
The publication of inflation in the United States “reinforced expectations of a rate cut in 2024 for the Federal Reserve (Fed) and the European Central Bank (ECB)”, underline Natixis analysts. On the British side, the indicator has “further reduced the prospect of further rate increases in this tightening cycle”, according to Oanda analyst Craig Erlam.
On the foreign exchange market, after a sharp drop on Tuesday, state interest rates rose again, rising to 4.51% for the United States’ 10-year loan, compared to 4.45% the day before and 3.19 % for France 3.16% Tuesday closing.
Infineon remains confident ___
Chip manufacturer Infineon (+8.48%) said on Wednesday it was confident in its continued growth during the new financial year 2023/2024, although weaker than the 15% increase of the previous year. The first quarter started weakly with an expected decline in sales in all segments except the automotive and electromobility divisions, the group said.
In Paris, STMicroelectronics also gained 4.05% to 41.69 euros.
Target on target ___
The department store chain Target, one of the first in the American sector to publish its results, jumped 15.96% in the first exchanges after these results.
Alstom reduces the sail ___
Alstom, weighed down by commercial and financial difficulties, fell by 17.04% in Paris after announcing a cost reduction plan on Wednesday. The railway group has set itself the objective of reducing its debt by 2 billion euros by March 2025, via an asset sale program and possibly, “depending on market conditions”, a capital increase, according to a statement.
Fall in oil and the pound ___
Oil prices were falling amid the prospect of supply rising faster than demand, eclipsing geopolitical concerns over security of supply.
Around 2:25 p.m. GMT, a barrel of Brent from the North Sea for delivery in January lost 1.20% to 81.48 dollars and its American equivalent, a barrel of West Texas Intermediate (WTI) for delivery in December, lost 1.44 % to 77.13 dollars.
On the foreign exchange market, the British currency lost 0.44% against the greenback at 1.2443 dollars after inflation. The euro, which jumped on Tuesday, made some gains (-0.24% to 1.0853 euros).
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