NewsWorldNervousness dominates while waiting for US inflation

Nervousness dominates while waiting for US inflation

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EUROPEAN STOCK EXCHANGES END LOWER, LONDON EXCEPTED by Laetitia Volga PARIS (Reuters) – The major European stock exchanges, with the exception of London’s Footsie, ended down on Tuesday on the eve of the key deadline represented by the publication of the US inflation with questions about the pace of the rise in interest rates in the United States. In Paris, the CAC 40 lost 0.53% to 6,490 points. Britain’s Footsie gained 0.08% and Germany’s Dax fell 1.12%. The EuroStoxx 50 index fell by 1.11%, the FTSEurofirst 300 by 0.47% and the Stoxx 600 by 0.67%. At the time of the close in Europe, Wall Street was also evolving in the red, between -0.1% and -1.26% for the three major indices, the Nasdaq being particularly affected by the disappointing forecasts of the technology group Micron. The major global indices are under pressure on the eve of the publication of the monthly consumer price index in the United States. Better-than-expected data could strengthen the hypothesis that the US Federal Reserve will raise the rate target for the “fed funds”, the main instrument of its monetary policy, by 75 basis points at its meeting on September 20-21. The consumer price index is expected to show prices rose 8.7% year on year, economists polled by Reuters said, which would be a slowdown from the 9.1% recorded in June. But excluding energy and food, the inflation rate over one year is expected at 6.1% against 5.9% in June. “Uncertainty and volatility will remain elevated as slowing growth, downward revisions to corporate earnings, expectations of rate hikes by major central banks and likely intensification of pressure on gas supplies in Europe this winter are weighing on investor sentiment,” said Nick Brooks, head of economics and investment research at ICG. VALUES The Stoxx technology index (-3.29%) posted the biggest drop of the day, weighed down by the warning from the American chipmaker Micron (-5.39%). STMicroelectronics finished at the bottom of the CAC 40, with a decline of 5.23%. In contrast to the ranking, TotalEnergies gained 2.07% thanks to the rise in oil prices during the session. The energy compartment gained 1.05%. EXCHANGES/RATES On the foreign exchange market, the dollar lost 0.21% against other international currencies in low volumes. The euro rises to 1.0224 dollars. Benchmark government bond yields are on the rise as US employment data continues to fuel prospects for another 75 basis point rate hike from the Fed. The yield on ten-year US Treasury bonds gained three basis points to 2.7809%. That of the ten-year German Bund closed at 0.9230%. OIL On the oil market, Brent and WTI erase their gains after taking nearly 2% in session after the announcement of a suspension of crude exports between Russia and certain Central European countries via the Druzhba pipeline . TO BE FOLLOWED: (Written by Laetitia Volga, edited by Jean-Stéphane Brosse)

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