Les actions en nette hausse, repli des rendements et du dollar

Les actions en nette hausse, repli des rendements et du dollar


EUROPEAN STOCK MARKS END UP

PARIS (Reuters) – European stock markets ended sharply higher on Monday, as a rally on Wall Street in the morning helped amplify the rally triggered by falling bond yields, even if uncertainties about inflation and interest rates are still up in the air. investor concerns.

In Paris, the CAC 40 gained 0.8% (52.09 points) to 6,524.44 points, its best closing since June 6. In London, the FTSE 100 rose 0.69% and in Frankfurt, the Dax gained 0.84%.

The EuroStoxx 50 index finished 0.85%, the FTSEurofirst 300 0.73% and the Stoxx 600 0.74%.

At the time of the close in Europe, Wall Street was also in the green, with the Dow Jones up 0.53%, the Standard & Poor’s 500 0.52% and the Nasdaq Composite 0.74%.

The monthly US jobs report released on Friday, marked by much larger-than-expected job creation, suggests to many observers that the economy remains healthy and therefore able to withstand a tightening of monetary policy. of the Federal Reserve, no matter how large. .

Added to this observation is the fall in bond yields, generally favorable to equities, after the rebound suffered on Friday, and the prospect of the implementation of the Biden administration’s “reduction of inflation” plan, valued at $430 billion.

However, caution could quickly regain its rights as investors await monthly US consumer price figures on Wednesday.

Looking further ahead, the outlook for European equities remains gloomy, warns BofA Global Research, which raises the possibility of a 10% drop by the end of the year after rallying in recent weeks, due to macroeconomic uncertainties.

VALUES

In Europe, the general upward movement benefited in particular the cyclical sectors of distribution, whose Stoxx index gained 2.69%, financial services (+1.75%) and automotive (+2.10%).

The technology securities compartment, which at noon registered the largest sectoral advance of the day, only gained 0.44% at the close after the warning from the American Nvidia (-7.97%), which penalized video game players such as Ubisoft (-0.39%) and semiconductor groups such as STMicroelectronics (-0.53%).

Veolia gained 2% after announcing a deal to sell Suez’s UK waste treatment business to Macquarie for €2.4bn.

SPEED

Bond yields, which had jumped after the US employment data, fell again in the United States and in Europe, taking advantage of the uncertainty about the evolution of US prices and, therefore, about the scope of future increases in interest rates. the Federal Reserve.

The ten-year Treasury bond fell almost six basis points to 2.781% and the two-year bond fell more than three points to 3.2219%.

In Europe, the German ten-year-old ended the day down 0.9%, down more than six points.

The 10-year-old Italian, who took a nosedive at the start of the session after Moody’s decided to lower its outlook on Rome’s sovereign rating to “negative” from “stable” due to the political situation, ended up largely unchanged in the 3.037%. .

CHANGES

The drop in Treasury bond yields is accompanied by a fall in the dollar against other major currencies, and the greenback gives up part of the gains obtained after the employment report: the index that measures its movements against other major currencies down 0.4%.

The euro recovered 0.24% to $1.0205.

OIL

The price of a barrel of crude oil, which lost up to a dollar at the beginning of the day, rose again after the positive opening of the US markets, taking advantage of the renewed general optimism about the economy.

Brent gained 1.25% to $96.11 a barrel and US light crude (West Texas Intermediate, WTI) 1.15% to $90.03.

They thus erase a small part of the heavy losses suffered last week (-13.7% for Brent, -9.7% for WTI).

(Written by Marc Angrand, edited by Nicolas Delame)

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