(News Bulletin 247) – The main European stock markets are generally well oriented with +1% in London, +0.5% in Frankfurt and Paris (+0.1%).
The stock markets experienced a week of great volatility, oscillating between heavy dropouts and relief rebounds, according to the often contradictory announcements concerning the health of the global financial system.
For the time being, investors say to themselves that the intervention of the American authorities and the Swiss central bank should make it possible to counter the contagion effect and avoid the appearance of so-called ‘systemic’ risks.
Nevertheless, market participants still face a long list of concerns, ranging from the difficulties of Credit Suisse and US regional banks to rising interest rates, not to mention the threat of a global recession.
‘Compared to the period before the financial crisis, the systemic risks are much lower, but we can still expect some difficulties’, we warn at DWS.
Despite these still lingering fears, Wall Street rebounded strongly last night, with the Dow Jones rebounding 1.2% and the Nasdaq Composite soaring almost 2.5%.
Technology stocks have benefited from the decline in bond yields, which makes them more attractive to investors, who also consider them relatively immune to the ups and downs of the banking sector.
The opening session will be marked by new US indicators, including industrial production figures, leading indicators from the Conference Board and consumer confidence from Michigan.
In Europe, Eurostat confirmed the euro zone’s annual inflation rate of 8.5% in February 2023, down from 8.6% in January.
In the EU, inflation stood at 9.9% in February 2023, against 10.0% in January.
In corporate news, Enel announced yesterday its 2022 results and presents a turnover of 140,517 million euros, up + 63.9% compared to 2021 (85,719 million euros of THAT).
Eni announces a new discovery in Block 7 offshore Mexico. According to preliminary estimates, the new discovery could contain around 200 million barrels of oil equivalent (Mboe).
Finally, Novartis today announced that the U.S. Food and Drug Administration (FDA) has granted approval for Tafinlar® (dabrafenib) + Mekinist® (trametinib) for pediatric patients with low-grade BRAF V600E glioma. , the most common pediatric brain cancer.
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