Stocks expected to rise, the ECB and results to follow

EXPECTED RISE IN EUROPE PARIS (Reuters) – Major European stocks are expected to rise on Thursday at the open in the wake of Wall Street and Asian markets and pending statements from the European Central Bank (ECB) while bond yields Americans continue to ebb. The first indications available indicate an increase of 0.58% for the Parisian CAC 40, 0.68% for the Dax in Frankfurt, 0.21% for the FTSE in London and 0.69% for the EuroStoxx 50 A few company results, including those of the luxury group Hermès, will drive the rating until the ECB meeting, whose monetary policy statement will fall at 11:45 GMT and will be followed 45 minutes later by the President’s press conference. of the institution, Christine Lagarde. With strong concerns about record inflation in the euro zone, the institution could present a clearer timetable for the withdrawal of its stimulus measures, some analysts believe. “Given the high uncertainties, the ECB is likely to want to remain flexible (…) However, the restrictive tone is likely to intensify, leaving no doubt that the most likely outcome in the coming months is an end to the net asset purchases and subsequently higher policy rates,” said Nick Kounis, economist at ABN Amro. Canada’s central bank and New Zealand’s central bank hiked rates by 50 basis points on Wednesday, the most in more than 20 years, in the face of soaring price inflation, while South Korea’s bank raised also tightened its monetary policy on Thursday to the surprise of the markets. STOCKS TO WATCH: A WALL STREET The New York Stock Exchange ended sharply higher on Wednesday in the wake of the rebound in growth stocks, sensitive to the movement of interest rates, while investors digested the stronger rise than expected producer prices and the first results of companies. The Dow Jones index gained 1.01% to 34,564.59 points, the S&P-500 gained 1.12% to 4,446.59 points and the Nasdaq Composite rose 2.03% to 13,643.59 points. JPMorgan fell 3.2% after posting a 42% drop in profit over the January-March period due to a decline in trading revenues and an unfavorable geopolitical context for transactions. Conversely, airline Delta beat expectations in the first quarter and says it expects a return to profit in the current quarter on “historically strong” demand, prompting a 6.2% jump in its stock. . Ahead of the long Easter weekend, the earnings season will continue this Thursday with several major banks including Morgan Stanley, Citigroup, Goldman Sachs and Wells Fargo. Futures contracts are foreshadowing a slightly higher session for the time being. IN ASIA The Nikkei on the Tokyo Stock Exchange rose 1.22% in the wake of Wall Street, led by technology and travel-related stocks. In China, the Shanghai Composite index advanced 1.09% and the large-cap CSI 300 1.07% after the country’s authorities announced that they will in due course use certain instruments to support the economy. “The People’s Bank of China is very likely to cut the reserve requirement ratio by 50 basis points for most banks in the coming days,” Nomura said in a note. “These monetary measures and other decisions are likely to have little positive impact. In our view, the adjustment of the ‘zero COVID’ strategy is the key to a resumption of growth,” added the Japanese bank. In Seoul, the Kospi is stabilizing after briefly losing ground after South Korea’s central bank raised its key rate to 1.5%, its highest level since August 2019, in the face of inflation. RATES In the bond market, Treasury yields continue to fall slightly after Tuesday’s release of consumer price data which raised hopes that the rise in inflation may have peaked. However, the stronger-than-expected rise in producer prices in the United States calls for caution. The ten-year appears at 2.6749% and bears its decline for three days to more than ten basis points. EXCHANGES Following a peak of nearly two years, the dollar fell below the 100 mark against a basket of international currencies while US bond yields halted their rise. The yen took advantage and returned to 125.32 to the dollar after falling Wednesday to its lowest level against the greenback since May 2002 at 126.31. The euro gained 0.24% to 1.0911 dollars. OIL Oil prices are down slightly after rising nearly 4% the day before. Brent fell 0.29% to 108.46 dollars a barrel and US light crude (West Texas Intermediate, WTI) 0.67% to 103.55 dollars. (edited by Matthieu Protard)

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