THE EUROPEAN SCHOLARSHIPS ARE DEVELOPING IN DISPERSED ORDER
by Laetitia Volga
PARIS (Reuters) – Wall Street is expected to rise slightly while European stock markets move in scattered order on Tuesday at mid-session in the absence of a signal guiding investors on the direction to take, with questions surrounding the Federal Reserve and pandemic as a backdrop.
New York index futures signal Wall Street open up 0.2% for the Dow Jones and Standard & Poor’s 500 and 0.3% for the Nasdaq
In Paris, the CAC 40 lost 0.33% to 6,661.29 at 11:00 GMT after a positive start to trading and in London, the FTSE lost 0.1%.
In Frankfurt, the Dax gained 0.32%, supported by the upward revision of German growth in the second quarter, to 1.6% against 1.5% announced in the first estimate.
The Eurozone EuroStoxx 50 is up 0.07%, the pan-European FTSEurofirst 300 is down 0.02% and the Stoxx 600 is down 0.06%.
After wiping out part of last week’s losses on Monday, the markets are looking for a direction in the absence of a catalyst that could once again push them up.
Trading volumes on the Stoxx 600, limited by the summer holidays, represent less than 30% of their daily average over one month.
The caution is linked, among other things, to the evolution of the pandemic and to the wait for the Jackson Hole symposium during which the President of the Federal Reserve, Jerome Powell, could give indications on the evolution of the monetary policy of the ‘institution.
“Since the Fed minutes released last week, the consensus for the start of the slowdown in asset purchases has shifted from early 2022 to December 2021,” Unicredit analysts said.
“A ‘hawkish’ surprise in Jackson Hole seems less likely and the next major topic is likely the jobs report on September 3,” they added.
VALUES IN EUROPE
At the sectoral level in Europe, the Stoxx transport and leisure index (+ 1.58%) achieved the strongest growth, boosted by the final validation in the United States of the COVID-19 vaccine from Pfizer-BioNTech.
Accor, Lufthansa, Carnival gained 2.32% to 3.05%.
Marks & Spencer advance 4.67% after Berenberg and Credit Suisse raised their price target on the British distributor.
Novartis loses 1.37% after the failure of a phase III study on a treatment for cancer of the lymphatic system.
RATE
Trending upwards in the first few exchanges, the yields on US government bonds reduced their lead and benchmark yields in the euro zone fell slightly.
The ten-year Treasuries yield thus gained one basis point to 1.2667% against 1.28% at the height of the day. That of the German Bund lost 0.6 point, to -0.484%.
CHANGES
The dollar grabs 0.05% after falling 0.6% the day before against a basket of benchmark currencies and the euro is down slightly around 1.1733.
The New Zealand dollar climbs 0.78% after the deputy governor of the Reserve Bank of New Zealand (RBNZ) said its members seriously considered a 50 basis point rate hike during the meeting of last week before opting for the status quo with the reconfinement of the country.
OIL
The oil market is rising, the final green light from the FDA to the vaccine from Pfizer and BioNTech fueling investors’ hopes for an acceleration of vaccination in the United States and therefore demand for crude.
Prices are also buoyed by the fallout from an oil rig fire off Mexico on Sunday that shut down about a quarter of the country’s oil production.
The barrel of Brent gained 1.66% to 69.89 dollars and that of US light crude rose 1.57% to 66.67 dollars.
(Laetitia Volga, edited by Blandine Hénault)
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