2023-07-25 12:19:44
(Photo: The Canadian Press)
MARKET REVIEWS. The European stock markets are in the green Tuesday at mid-session, carried by the session with fanfare in Hong Kong, after a meeting of Chinese leaders giving hope for a support plan for the country’s economy.
Stock indices at 8:00 a.m.
The futures contracts Dow Jones gained +12.00 points (+0.03%) to 35,593.00 points. The futures contracts S&P 500 advanced by +5.75 points (+0.13%) to 4,589.25 points. The futures contracts Nasdaq rose by +58.25 points (+0.37%) to 15,619.50 points.
In London, the FTSE 100 collected +17.09 points (+0.22%) to 7,695.68 points. In Paris, the CAC 40 gained +19.14 points (+0.26%) to 7,446.45 points. In Frankfurt, the DAX advanced by +20.65 points (+0.13%) to 16,211.60 points.
In Asia, the Nikkei Tokyo lost -18.43 points (-0.06%) to 32,682.51 points. For his part, the Hang Seng of Hong Kong rose by +766.25 points (+4.10%) to 19,434.40 points.
On the oil side, the price per barrel of American WTI was down -0.07$ (-0.09%) at 78.67$. The barrel of North Sea Brent fell -0.12$ (-0.15%) to 82.62$.
The context
China’s top leaders said at a meeting on Monday that the economy faces “new difficulties and new challenges” and agreed on the need to “implement accurate and effective macroeconomic regulations”, according to state broadcaster CCTV.
At the meeting, led by President Xi Jinping, participants also called for efforts to increase domestic consumption, as well as “adjust and optimize real estate policies.”
Investors believe that this meeting provides “an encouraging tone for a more substantial and comprehensive relaxation of policy” Chinese economic, reported Stephen Innes, analyst at SPI Asset Management.
In Europe, Paris gained 0.25%, Frankfurt 0.10%, London 0.21% and Milan 0.18%.
At the same time on Wall Street, the futures contracts of the three main indices predicted an opening slightly higher, between 0.02% and 0.36%.
The market took note in the morning of the morale of entrepreneurs in Germany, which continued to decline in July, reflecting the difficulties of the German economy, which has entered recession.
Investors are still waiting for US consumer confidence on Tuesday as well as the start of the US Central Bank meeting, which ends on Wednesday.
Investors anticipate a 25 basis point hike in the main key rate, but hope that it will be the last of the cycle that began in March 2021.
In addition, investors are entering the heart of the earnings season, where most of the publications are expected between Tuesday and Friday.
Eni acquires Chevron’s gas fields in Indonesia
The Italian hydrocarbon giant Eni (-0.55% in Milan) announced the acquisition of the interests of its American competitor Chevron in three gas fields off the coast of Indonesia, allowing it to strengthen its presence in this Southeast Asian country.
Unilever driven by price increases
The food and hygiene products giant Unilever published a net profit up 22.1%, to 3.5 billion euros, driven in particular by the sale of a beauty and personal care brand in North America and rising prices.
Its stock gained 4.60% in London.
Adidas lowers its loss expectations
The German sports equipment supplier Adidas advanced by more than 6% in Frankfurt after raising its operating profit forecast for 2023, with a loss now expected reduced to 450 million euros, against 700 million euros anticipated so far.
Logitech less pessimistic
The Swiss group Logitech jumped 6.55% in Zurich. The computer accessories specialist was less pessimistic for the first half despite the publication on Tuesday of quarterly sales down, but much better than expected.
On the side of oil and currencies
Oil prices remain close to three-month highs reached on Monday, with promises of economic support from the Chinese government buoying the market as supply is cut by OPEC+.
The barrel of North Sea Brent, for September delivery, gained 0.22% to US$82.93.
Its American equivalent, the barrel of West Texas Intermediate (WTI)for same-month delivery, was up 0.21% at US$78.91.
The euro fell 0.16% to US$1.1046.
The bitcoin was flat (+0.03%) at US$29,155.
1690289464
#Stock #market #moving #markets #opening #Tuesday