EUROPEAN SCHOLARSHIPS END IN DISPERSED ORDER
by Marc Angrand
PARIS (Reuters) – European stock markets ended in scattered order on Wednesday as Wall Street posted a tentative rise in mid-session, with equity markets appearing to hold their breath two days before the highly anticipated speech by President Jerome Powell from the US Federal Reserve, as bond yields increased their rise.
In Paris, the CAC 40 gained 0.18% (12.17 points) to 6,676.48 points and in London, the FTSE 100 advanced 0.34% but in Frankfurt, the Dax dropped 0.28%.
The EuroStoxx 50 index gained 0.07% while the FTSEurofirst 300 lost 0.05% and the Stoxx 600 ended virtually unchanged.
At the close in Europe, the US Dow Jones was up 0.23%, the Standard & Poor’s 500 by 0.21% and the Nasdaq Composite by 0.08%, with the S & P-500 and the Nasdaq having previously gained new all-time highs.
If investors have been reassured by the recent news concerning the vaccination against COVID-19, their number one concern remains the evolution of the recovery and that of monetary policy in the United States, a double subject on which Jerome Powell will speak on Friday.
“We expect Powell to play a balancing act between the recent American economic recovery and the challenges to come, including the challenge of the possible tightening of financial conditions in the United States and elsewhere, which could disrupt the recovery”, summarizes Valentin Marinov. , head of currency research for the G10 at Crédit Agricole.
Across the Atlantic, Philip Lane, the chief economist of the European Central Bank (ECB), told Reuters that the eurozone’s economic performance is expected to be close to the institution’s forecast this year. and next year despite the recent spread of the Delta variant of the coronavirus. Luis de Guindos, member of the Board of Governors, for his part raised the possibility of a further increase in these forecasts.
RATE
If the spreads are limited on the equity markets, the situation is quite different on those of government bonds, in Europe as in the United States, the withdrawals made in the run-up to Jerome Powell’s speech and after the statements of officials of the ECB favoring higher yields.
The yield on the ten-year German Bund, the benchmark for the euro zone, jumped nearly six basis points to -0.423%, the highest since July 27. Its French counterpart reached -0.058%, also the highest for a month, and the Italian 0.673%.
In the US market, the ten-year took more than four points in the morning to more than 1.337%, the highest since August 13, before Powell’s speech and a five-year auction.
VALUES
The rise in yields benefited banks, whose Stoxx index rose 1.82%. Santander gained 2.76%, BNP Paribas 2.04% and ING 1.37%.
Ambient optimism on the progress of vaccination also continued to benefit the values of transport and leisure (+ 1.79%): the tour operator TUI took 1.35%, the cruise specialist Carnival 2, 39%.
On the downside, Inditex lost 1.72% after a sell recommendation from Deutsche Bank.
CHANGES
The rise in Treasuries yields favors the dollar, which appreciates by 0.11% against a basket of benchmark currencies.
The euro is resisting, however, and is holding around 1.1750.
TODAY’S INDICATORS
In Europe, the Ifo business climate index in Germany fell more sharply than expected in August, to 99.4 after 100.7 in July.
OIL
Hesitant for part of the session, oil prices found support in the Energy Information Administration’s (EIA) announcement of a further decline in crude inventories in the United States last week (by three million euros). barrels), practically in line with expectations.
Brent still gained 0.7% to 71.55 dollars a barrel, US light crude (West Texas Intermediate, WTI) yielded 0.18% to 67.66 dollars, after rising to 68.20.
THINGS TO LOOK FOR THURSDAY:
THE SITUATION ON THE MARKETS:
(Some data may show a slight lag)
WALL STREET
Indices Last Var. Var. %
points
Dow Jones 35,394.0 +80.00 + 0.23%
0
S & P-500 4,494.50 +12.00 + 0.27%
Nasdaq-100 15,362.0 +6.50 + 0.04%
0
“The Day Ahead” – Update on the next one
wall street session [DAY/US]
The session
former :
Indices Closing Var. Var. % YTD
points
Dow Jones 35,469.5 +103.31 + 0.29% + 15.89%
7
S & P-500 4,498.43 + 12.20 + 0.27% + 19.76%
Nasdaq 15,039.4 +19.61 + 0.13% + 16.69%
1
Nasdaq 100 15,365.6 +7.99 + 0.05% + 19.22%
7
STEPS
EUROPEANS
Indices Last Var. Var. % YTD
points
Eurofirst 300 1,818.56 -0.88 -0.05% + 18.35%
Eurostoxx 50 4,181.12 + 3.04 + 0.07% + 17.69%
CAC 40 6,676.48 +12.17 + 0.18% + 20.27%
Dax 30 15,860.6 -45.19 -0.28% + 15.61%
6
FTSE 7,150.12 + 24.34 + 0.34% + 10.67%
SMI 12364.5 -72.09 -0.58% + 15.52%
7
The values to follow in Paris and in
Europe: [WATCH/LFR]
CHANGES
Price Watch Var.% YTD
Euro / Dlr 1.1756 1.1753 + 0.03% -3.74%
Dlr / Yen 110.03 109.62 + 0.37% + 6.65%
Euro / Yen 129.37 128.93 + 0.34% + 1.93%
Dlr / CHF 0.9135 0.9122 + 0.14% + 3.21%
Euro / CHF 1.0743 1.0731 + 0.11% -0.59%
Stg / Dlr 1.3728 1.3727 + 0.01% + 0.40%
Index $ 92.9950 92.8930 + 0.11% -3.30%
RATE
Last Var. Spread / Bund
(pts)
Future Bund 176.030 -0.8000
0
10-year Bund -0.4230 -0.0070
2-year Bund -0.7350 -0.0020
10-year OAT -0.0670 -0.0060 +35.60
10-year Treasury 1.3339 +0.0440
Treasury 2 years 0.2445 -0.0050
OIL
(in dollars) Previous Price Var Var. % YTD
nt
Light gross US 67.65 67.54 + 0.11 + 0.16% + 10.52%
Brent 71.54 71.05 +0.49 + 0.69% + 8.34%
(With Ritvik Carvalho in London, French version Marc Angrand)
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