2024-01-18 15:33:39
(Photo: 123RF)
MARKET REVIEWS.
World stock markets rebounded on Thursday, without erasing their losses since the start of the week, helped by company results and a small easing of interest rates.
Stock market indices at 7:00 a.m.
Futures contracts Dow Jones fell by -10.00 points (-0.03%) to 37,448.00 points. Futures contracts S&P 500 increased by +19.00 points (+0.40%) to 4,790.25 points. Futures contracts Nasdaq gained +127.00 points (+0.75%) to 16,996.75 points.
In London, the FTSE 100 rose by +17.48 points (+0.23%) to 7,463.77 points. In Paris, the CAC 40 rose by +69.15 points (+0.94%) to 7,387.84 points. In Frankfurt, the DAX gained +121.13 points (+0.74%) to 16,552.82 points.
In Asia, the Nikkei of Tokyo finished down -11.58 points (-0.03%) at 35,466.17 points. For his part, the Hang Seng of Hong Kong advanced +114.89 points (+0.75%) to 15,391.79 points.
On the oil side, the price of a barrel of American WTI fell by -US$0.10 (-0.14%) to US$72.46. The barrel of North Sea Brent fell by -US$0.19 (-0.24%) to US$77.69.
The context
But the progression is mainly seen as a “technical rebound”, by Pierre Veyret, analyst at ActivTrade. After the declines of the last sessions, “the market recently reached an important support level”, allowing it to move forward, but “the bearish macroeconomic scenario has not changed” according to him.
After having increased significantly on Wednesday, government interest rates on the bond market fell slightly, to settle at 4.09% for the 10-year American loan, against 4.10% the day before.
Few economic indicators are expected on Thursday, while central bankers continue to warn investors against their overly optimistic forecasts for future key rate cuts.
In Asia, the Hong Kong Stock Exchange gained 0.75%, far from compensating for Wednesday’s drop of almost 4%. Shanghai recovered 0.43%. The Tokyo Stock Exchange, one of the few in the world which progressed in the first sessions of the year, finished slightly in the red (-0.03%).
Richemont amazes
The Swiss giant Richemont soared by 9.77% after the publication of “reassuring” sales for the quarter which includes the end-of-year holidays thanks to “jewellery”, investors judge. This contrasts with the disappointments of other players in the luxury sector.
“We believe that this result is sufficient in the current environment” to make the stock rebound, while the luxury sector as a whole is experiencing a difficult last six months with the normalization of its growth after the prosperous post-pandemic years, estimate RBC analysts.
In Paris, LVMH took 2.53%, Hermès 1.66% and Kering 2.59%.
Conversely, the British luxury watch sales group Watches of Switzerland plunged by almost 30% after having sharply lowered its turnover forecasts while the holiday period was “particularly volatile this year for the luxury sector”.
Commerzbank grows
The second German bank Commerzbank (+1.59%) announced Thursday the purchase of 74.9% of Aquila Capital, a German company specializing in the management of sustainable assets, for an undisclosed price. The operation will bring the portfolio of assets managed by the bank to more than 40 billion euros and boost its commission income.
Jackpot pour Flutter
The British online betting group Flutter soared 12.65% after publishing an increasing annual turnover and warning that its listing in the United States was imminent. In the same sector, Entain followed with an increase of 3.96%.
On Wednesday, Flutter’s rival, 888, had conversely declined after a sharp drop in its annual sales due in particular to the tightening of regulations in the United Kingdom.
Oil continues to rise
Oil prices recovered slightly on Thursday after new American strikes against the Houthis in Yemen, but the geopolitical risk remains insufficient to push prices up in the absence of supply disruptions.
The barrel of Brent was stable at US$77.88 and that of American WTI took 0.18% to US$72.69.
The euro rose 0.06% against the dollar, to US$1.0890 per euro.
The bitcoin fell 0.34% to US$42,490.
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