Le rebond technique en Europe se poursuit mais le risque d’une récession inquiète

Le rebond technique en Europe se poursuit mais le risque d'une récession inquiète


EUROPEAN STOCK MARKETS RISE MID-SESSION

by Claude Chendjou

PARIS (Reuters) – Wall Street is expected to fall slightly on Tuesday as European stock markets continue their five-day mid-session rally, thanks in particular to rising defensive and mining stocks, but concerns about a possible recession limits profits. .

Futures on the New York indices point to an opening on Wall Street with a fall of 0.06% for the Dow Jones, 0.10% for the Standard & Poor’s 500 and 0.12% for the Nasdaq.

In Paris, the CAC 40 was up 0.37% at 6,594.36 at around 11:20 GMT. In Frankfurt, the Dax advanced 0.6% and in London, the FTSE gained 0.58%.

The pan-European FTSEurofirst 300 index gained 0.31%, the euro zone’s EuroStoxx 50 0.4% and the Stoxx 600 0.32%.

“A lot of this (rally) is based on technicals and dynamics, but the fundamentals haven’t changed,” says Seema Shah, strategist at Principal Global Investors, noting in particular the deterioration in several economic data.

The ZEW economic research institute’s survey published on Tuesday shows that investor confidence in Germany has deteriorated further since the beginning of August with an index of -55.3 while Europe’s largest economy is already on the brink of collapse. recession.

In the United Kingdom, the labor market began to slow in the second quarter, while inflation cut wages, according to official statistics published on Tuesday.

While Britain’s gross domestic product (GDP) contracted 0.1% in the second quarter, the figures for the second estimate of growth in the euro zone are particularly expected for Wednesday and also encourage caution.

WALL STREET VALUES TO FOLLOW

Walmart gained 3.5% in premarket trading after announcing on Tuesday that it now expects a lower-than-previously forecast annual profit decline as promotions and lower fuel prices have allowed it to outperform expectations in the quarter ending in late July.

Home Depot, on the other hand, lost 1.5% in premarket trading, the DIY and home improvement giant simply confirmed its yearly forecasts and reported a 3% drop in transactions at its stores in the second trimester.

VALUES IN EUROPE

Commodities (+2.81%) and defensive sectors such as telecommunications (+1.33%) and utilities (+0.97%) posted one of the best gains in the Pan-European Stoxx 600.

The first compartment benefits from the good results published by the mining giant BHP, whose share listed in London rises 4.63%.

Food delivery specialist Delivery Hero (+7.29%) is buoyed by its Q3 growth forecast, while jeweler Pandora and hearing aid maker Sonova are down 1.99% and 13% respectively. , 9% after the publication of its quarterly results.

Excluding account publication, Philips advanced 4.28% after the unexpected announcement of the replacement of its CEO Frans van Houten by Roy Jakobs, responsible for the group’s Connected Care activities, while the British cybersecurity firm Darktrace jumped 23.14%. after entering into talks with US private equity firm Thoma Bravo.

CHANGES

Fears of a recession underpin the dollar, which hit its highest level since Aug. 8 against other major currencies on Tuesday. The dollar gained 0.27% mid-session.

The euro, with a fall of 0.3%, is trading at 1,013 dollars.

SPEED

In the bond market, yields vary little: that of the 10-year German Bund, a reference in the euro zone, rises a little more than two basis points to 0.92% and that of US Treasury bonds of the same maturity remains practically unchanged. at 2.793%.

OIL

The price of oil, which fell around 3% on Monday, fell again on Tuesday on fears of a deterioration in demand in light of the latest Chinese economic indicators and pending a possible Iranian nuclear agreement that could allow Tehran to resume crude oil exports.

The barrel of Brent yields 0.65% to 94.48 dollars and that of light American crude (West Texas Intermediate, WTI) 0.29% to 89.15 dollars.

(Written by Claude Chendjou, edited by Kate Entranger)

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