2024-01-03 13:04:23
* Wall Street seen down from 0.3% to 0.6% at the opening
* The rise in bond yields in the USA continues
*
Investors awaiting indicators, including the Fed’s “minutes”
* Also follow the ISM index of manufacturing activity in the USA
by Claude Chendjou
PARIS, January 3 (Archyde.com) – Wall Street is expected to fall on Wednesday against a backdrop of a continued rise in bond yields and profit-taking, while in Europe, the stock markets are falling mid-session with the decline in technology stocks (-1.81%) and basic resources (-2.28%).
New York index futures signal Wall Street opening down 0.31% for the Dow Jones, 0.40% for the Standard & Poor’s 500 and 0.65% for the Nasdaq.
In Paris, the CAC 40 lost 1.51% to 7,416.88 around 12:45 GMT. In Frankfurt, the Dax lost 1.03% and in London, the FTSE fell by 0.84%.
The pan-European FTSEurofirst 300 index lost 0.81%, the Eurozone EuroStoxx 50 1.23% and the Stoxx 600 0.94%.
The market context is one of caution after the double-digit gains made by the main indices in Europe and the United States in 2023 while investors are also awaiting at 7:00 p.m. GMT the minutes of the monetary policy meeting of the 12 and December 13 from the US Federal Reserve (Fed) which could provide clues on the expected rate cut this year.
“The dot plot forecast suggests three rate cuts this year,” notes Joshua Mahony, chief market analyst at Scope Markets. However, the market is betting on six declines, he notes, which could put pressure on stocks.
In addition to the Fed’s “minutes”, investors will take note of the indices of manufacturing activity in the United States and the results of the Jolts survey on job offers, two new economic elements before the publication of the report on Friday. official on American employment.
In Europe, the wait is for the inflation figures forecast for Friday while investors are still betting on a first rate cut from the European Central Bank (ECB) in March.
VALUES TO FOLLOW AT WALL STREET
Pfizer takes 1.2% in pre-market trading and Moderna advances by 2.9% after having already gained 13.1% the day before following the raising of Oppenheimer’s recommendation to “outperform” on the value and the confirmation by the laboratory of its turnover growth objective for 2025.
VALUES IN EUROPE
Atos fell 5.57% after gaining up to 12% at the very start of the session following the announcement of discussions with Airbus (-2.17%) for the buyout of its BDS (Big data & security) activity. ) for which the European aircraft manufacturer proposes an enterprise value between 1.5 billion and 1.8 billion euros.
Ryanair drops 4.58% after warning that certain online travel agencies had stopped offering its flights for sale.
ASML fell further, by 2.78%, after the partial revocation of an export license to China.
Maersk increased by 4.26% thanks to the increase in Goldman Sachs’ recommendation to “neutral” from “sell”.
RATE
The yield on ten-year Treasuries recorded a fourth session in a row of increases, taking almost three basis points, to 3.9744%, after crossing the 4% mark the day before during the session. However, it still remains a good distance from the 5% peak reached last October while the probability of a 25 basis point rate cut by the Fed in March is estimated at 67%.
The ten-year German Bund yield is stable at 2.051% following a gain of almost 3.5 points.
CHANGES
The dollar gained 0.21% against a basket of reference currencies after an increase of 0.86% on Tuesday pending new indicators in the United States.
The euro fell 0.24% to $1.0921, its lowest level since December. The day before, the single European currency suffered its biggest drop in one session (-0.95%) since July.
The pound sterling nibbles 0.08% to 1.2624 dollars.
OIL
The oil market is on the rise again in a context of supply disruptions linked to persistent tensions in the Red Sea.
Brent rose 0.75% to $76.46 per barrel and American light crude (West Texas Intermediate, WTI) rose 0.61% to $70.81.
MAIN ECONOMIC INDICATORS ON THE AGENDA FOR JANUARY 3 COUNTRY GMT INDICATOR PERIOD PREVIOUS CONSENSUS USA 3:00 p.m. ISM manufacturing index December 47.1 46.7 USA 3:00 p.m. Job offers (Jolts) November 8.85 mlns 8.73 mlns (Written by Claude Chendjou, edited by Kate Entringer)
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