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Rebound in stocks and oil, fall in the dollar – archyworldys

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EUROPEAN SCHOLARSHIPS END ON THE RISE

by Laetitia Volga

PARIS (Reuters) – European stock markets ended higher on Monday and Wall Street advanced in the morning, encouraged by the strong rebound in oil prices, as investors took advantage of the recent risk aversion episode to buy cheaply.

In Paris, the CAC 40 gained 0.86% to 6,683.1 points, driven by the rebound of heavyweights in the luxury industry. The British Footsie gained 0.3% and the German Dax advanced 0.28%.

The EuroStoxx 50 index ended up 0.7%, the FTSEurofirst 300 0.74% and the Stoxx 600 0.66%.

On Wall Street, the three main stock indices gained at the time of the European close between 0.7% and 1.3%, the Nasdaq and the S & P-500 having posted highs during the session.

While last week was marked by the sharp decline in equity markets amid concerns about the evolution of the COVID-19 pandemic, the slowdown in global growth and the expected decrease in monetary support measures from the Federal Reserve, the Jackson Hole meeting, the late-summer meeting point for central bankers, dominates the agenda for the days to come.

If Christine Lagarde, the President of the European Central Bank, will not be present, her Fed counterpart, Jerome Powell, is due to deliver a speech and her speech will focus the attention of market players, eager to know more about the possible slowdown in the institution’s asset purchases.

“Despite the inevitable announcement of ‘tapering’ at some point this year, it will be very slow,” said Edward Moya, analyst at OANDA.

VALUES

The general rebound in equities primarily favored cyclical stocks, such as energy (+ 2.12%), which benefited from the significant recovery in oil prices.

BP took 2.48%, Eni 1.51% and Total 1.69%.

The luxury groups LVMH (+ 2.68%), Kering (+ 2.96%) and Hermes (+ 3%) finished on the podium of the CAC 40 after having suffered heavily last week from regulatory fears in China.

Valneva took 5.22% after launching the authorization process for its COVID-19 vaccine candidate with the British health agency. BioNTech (7.58%) increased its earnings after the final green light given by the US FDA to its COVID vaccine developed with Pfizer, which took 2.61% on Wall Street.

The Stoxx retail index rose 1.51%, backed by Sainsbury’s which jumped 15.37% after a press report claiming the UK’s second-largest supermarket chain attracted interest from several retail funds. capital investment.

In the red, the Française des Jeux fell 1.72% after lowering Goldman Sachs’ advice to “sell”.

TODAY’S INDICATORS

Investors took note of solid growth in private sector activity in the euro area in August despite a slight slowdown from the nearly 20-year high recorded the previous month.

For the United States, the composite “flash” PMI fell to 55.4 in August, its lowest since December, reflecting constraints on production, supply shortages and the rapid spread of the Delta variant.

CHANGES

The dollar is down 0.44% against a basket of benchmark currencies after peaking more than nine months on Friday amid concerns over the growth outlook for the global economy.

The euro climbs back to $ 1.1731, moving away from the low at 1.1662 hit last week.

On the cryptocurrency side, bitcoin (+ 0.53%) crossed the $ 50,000 threshold for the first time since mid-May.

RATE

The renewed interest in equities and the good performance of PMIs in the euro zone encouraged the rise in bond yields in Europe: the German ten-year ended up at -0.477% against -0.495% on Friday at the close.

On the American market, the 10-year yield on Treasuries stabilized at 1.2567% after having exceeded 1.28% during the session.

OIL

Oil prices are climbing after a series of seven sessions of decline, supported in particular by the depreciation of the dollar.

A barrel of Brent gained 5.25% to 68.6 dollars and US light crude 5.42% to 65.51 dollars. The former had lost 6.7% last week and the latter nearly 9%.

(Laetitia Volga with Herbert Lash in New York, edited by Bertrand Boucey)

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