Equities rebound with falling yields – Boursorama

EUROPEAN SCHOLARSHIPS END ON THE RISE

by Marc Angrand

PARIS (Reuters) – European stock markets ended up on Wednesday and Wall Street rose at mid-session, with stocks regaining favor with investors as bond yields fell without regaining all the ground lost the day before, the problems of the moment being far from being resolved.

In Paris, the CAC 40 gained 0.84% ​​(54.3 points) to 6,560.80 points. In London, the FTSE 100 advanced 1.14% and in Frankfurt, the Dax gained 0.77%.

The EuroStoxx 50 index ended with a gain of 0.53%, the FTSEurofirst 300 0.75% and the Stoxx 600 0.59%.

At the time of closing in Europe, Wall Street was also moving in the green, with the Dow Jones gaining 0.46%, the Standard & Poor’s 500 0.34% and the Nasdaq Composite 0.35%.

The Nasdaq fell 2.83% on Tuesday, its largest single-session drop since March, the S&P 500 2.04% and the Stoxx 600 2.18% amid rising government bond yields, concerns about inflation and fears of a “shutdown”, a shutdown of federal administrations in the absence of agreement in Congress on the budget.

While the latter problem has not been resolved, investors have found sufficient reason to fall back on bond yields.

Concerns about China have also diminished slightly with the announcement by Evergrande, the real estate giant threatened with default on its debt, of the sale of a stake which gives it a balloon of oxygen. Evergrande shares rebounded nearly 15% in Hong Kong.

RATE

Benchmark yields are currently declining by around two basis points, to 1.5149% for ten-year US Treasuries and -0.213% for the German Bund of the same maturity.

The sell-off movement that has driven yields up in recent days has weakened pending the outcome of the debates in Congress in Washington on the debt ceiling and the budget.

The success of a seven-year US Treasury auction on Tuesday is also helping the overall market rebound.

VALUES

Most sectors of the European listing have benefited from the mainstream of cheap purchases, the only exceptions being for real estate (-0.29%), utilities (- 0.25%) and especially that of high technologies (-0.73%), penalized by the drop in semiconductor values ​​after disappointing forecasts from the American Micron Technology (-1.66%).

AMSL divested 2.63%, Infineon 0.48% and STMicroelectronics 0.23%.

The largest increase is for the automobile compartment, whose Stoxx index rose 1.61%. A trader in Frankfurt mentions optimistic comments from Volkswagen’s commercial director (+ 3.18%) and Barclays notes that many investors remain underexposed to the sector.

In Paris, the largest increase in the CAC 40 is for Airbus, which gained 3.48% after the raising of Bernstein’s recommendation to “outperform”.

CHANGES

The decline in Treasuries yields is not preventing the dollar from rising, still driven by expectations of a tightening of US monetary policy in the weeks or months to come.

The index which measures the fluctuations of the greenback against a basket of benchmark currencies (+ 0.53%) thus posted a new high of nearly 11 months and the euro fell back to 1.161, a level at which it did not fall. hadn’t been back since last November.

The yen has shown no noticeable reaction to the election of Fumio Kishida as head of the Japanese Liberal Democratic Party (PLD), which makes him the very likely next prime minister.

OIL

The trend in the oil market remains down after the publication of the weekly figures from the Energy Information Administration (EIA) on stocks in the United States, which show an increase in reserves of crude, gasoline and distillates, confirming the rebound in activity in the sector.

Brent gained 0.25% to 78.89 dollars a barrel and US light crude (West Texas Intermediate, WTI) 0.08% to 75.23 dollars.

(Report Marc Angrand, edited by Jean-Michel Bélot)

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