by Claude Chendjou

PARIS (Reuters) – The main European stock markets are expected on a cautious note at the opening on Thursday amid renewed fears over interest rates as quarterly publications from large companies continue.

Index futures suggest a decline of 0.02% for the CAC 40 in Paris, 0.12% for the Dax in Frankfurt, 0.03% for the FTSE 100 in London and 0.02% for the EuroStoxx 50.

Investors expect further interest rate hikes in the United States, the euro zone and the United Kingdom of at least 25 basis points next month, given recent comments by central bank officials and the latest economic indicators.

Goldman Sachs now forecasts a peak in European Central Bank (ECB) deposit rates of 3.75%, while in the UK, Morgan Stanley expects the Bank of England (BoE) to raise its policy rate in May and June. In the latest comments, James Bullard, the chairman of the St. Louis Federal Reserve, estimated that the federal funds rate in the United States should peak at 5.50%-5.75%, while his colleague John Williams of the New York branch said inflation remained at problematic levels.

The Fed’s Beige Book on the state of the American economy, a working tool for the meeting of May 2 and 3, however showed on Wednesday that economic activity had changed little in recent weeks, the growth of the employment having moderated somewhat and price increases appearing to be slowing down.

In the macroeconomic chapter, the market will take note at 06:00 GMT of data on producer prices (PPI) in March in Germany, Europe’s largest economy, while the slowdown in consumer prices (CPI) in the euro zone has was confirmed Wednesday at 6.9% in March. In France, the business climate is expected at 06:45 GMT, while in the United States the weekly registration statistics will be published.

In financial publications, the season continues with, among others, Renault, Publicis and Nokia in Europe and AT&T, Philip Morris and Blackstone in the United States.

VALUES TO FOLLOW IN EUROPE:

AT WALL STREET

The New York Stock Exchange ended in mixed order on Wednesday, with moves at the margins, as investors digested mixed corporate results, with gains in health care having been mitigated in particular by the decline in technology stocks like Netflix and You’re here.

The Dow Jones index fell 0.23%, or 79.62 points, to 33,897.01 points.

The broader S&P-500 lost 0.35 points, or 0.01%, to 4,154.52 points.

The Nasdaq Composite advanced for its part by 3.81 points (0.03%) to 12,157.23 points.

Netflix fell 3.2% after reporting second-quarter forecasts below expectations, weighing on the S&P-500.

Entertainment giant Walt Disney, one of Netflix’s rivals in the streaming business, also fell, down 2.2%.

Tesla fell 2% following a further drop in the price of its vehicles in the United States this year. Among the movements to note in the health sector, the rise of 7.8% of Abbott Laboratories in the wake of the announcement of the resumption of most non-emergency medical procedures, three years after the start of the COVID-19 pandemic.

Intuitive Surgical jumped 10.9% after reporting quarterly revenue and profit that beat expectations.

IN ASIA

On the Tokyo Stock Exchange, the Nikkei index advanced 0.28% to 28,688.19 points and the Topix, larger, took 0.07% to 2,041.78 points as the close approached.

The Bank of Japan (BoJ) on Thursday maintained its assessment of the economy in seven of the country’s nine regions and noted a “recovery” or “a moderate recovery” in four regions.

In terms of economic statistics, the growth of Japanese exports slowed down over one year in March to 4.3% after 6.5% the previous month, while imports decelerated to 7.3% against 8.3%. The Reuters consensus forecast respectively +2.6% and +11.4%.

In China, the Shanghai SSE Composite dropped 0.4% and the CSI 300 lost 0.51%.

The MSCI index comprising the values ​​of Asia and the Pacific (excluding Japan) fell 0.16%, moving towards a third consecutive session in the red.

EXCHANGES/RATES

In foreign exchange, the dollar remains firm (-0.02%) against a basket of reference currencies after the results of American banks which ward off fears of a crisis in the sector and reinforce the prospect of a new tightening of the screw from the Fed.

The euro is trading at 1.0955 dollars (+0.01%)

The yield on ten-year US Treasuries was little changed at 3.5909%, after climbing to a four-week high of 3.639% on Wednesday.

OIL

The oil market is affected by the strength of the dollar and fears over demand: Brent lost 1.15% to 82.16 dollars a barrel and US light crude (West Texas Intermediate, WTI) 1.1% to 78, $29.

MAIN ECONOMIC INDICATORS ON THE AGENDA OF APRIL 20:

COUNTRY GMT INDICATOR PERIOD PREVIOUS CONSENSUS

FR 06:45 Business Climate Index April nd 103

USA 12:30 p.m. Unemployment claims wk. at 15 240.000 239.000

april

USA 12:30 p.m. Philly April activity index -19.2 -23.2

fed”

THE MARKET SITUATION:

(Some data may show a slight shift)

SCHOLARSHIPS

ASIAN

Indices Last Var. Var. %YTD

points

Nikkei-225 28671.69 +64.93 +0.23% +9.88%

Topix 2041.05 +0.67 +0.03% +7.89%

Hong Kong 20342.04 -25.72 -0.13% +2.83%

Taiwan 15719.28 -51.19 -0.32% +11.19%

Seoul 2553.37 -21.71 -0.84% ​​+14.17%

Singapore 3311.02 -13.03 -0.39% +1.84%

Shanghai 3356.12 -14.01 -0.42% +8.64%

Sydney 7368.70 +3.20 +0.04% +4.69%

The closing in Tokyo:

[.TFR]

WALL STREET

The previous close:

Indices Last Var. Var. %YTD

points

Dow Jones 33897.01 -79.62 -0.23% +2.26%

S&P 500 4154.52 -0.35 -0.01% +8.20%

Nasdaq 12157.23 +3.81 +0.03% +16.15%

Nasdaq 100 13088.72 -3.08 -0.02% +19.64%

Detail of the session on Wall Street

: [.NFR]

“The Day Ahead” – The point on the next

session on wall street [DAY/US]

MARKETS

EUROPEANS

Futures on the CAC 40 and the EuroStoxx50

The values ​​to follow in Paris and in

Europe: [WATCH/LFR]

The previous session:

Closing Indices Var. Var. %YTD

points

Eurofirst 300 1852.16 -1.46 -0.08% +10.35%

Eurostoxx 50 4393.57 -0.38 -0.01% +17.31%

CAC 40 7,549.44 +15.81 +0.21% +16.62%

Dax 30 15,895.20 +12.53 +0.08% +14.16%

FTSE 7898.77 -10.67 -0.13% +6.00%

SMI 11366.22 +7.24 +0.06% +5.94%

CHANGES

Var. %YTD

Euro/Dlr 1.0958 1.0954 +0.04% +2.39%

DLR/Yen 134.74 134.69 +0.04% +2.77%

Euro/Yen 147.68 147.57 +0.07% +5.26%

Dlr/CHF 0.8960 0.8974 -0.16% -3.07%

Euro/CHF 0.9821 0.9829 -0.08% -0.75%

Stg/Dlr 1.2429 1.2438 -0.07% +2.74%

Index $ 101.9680 101.9680 +0.00% +6.03%

RATE

Last Var. Spread/Bund

(pts)

10-year bunds 2.5160 +0.0120

2-year Bunds 2.9510 -0.0060

10-year OATs 3.0040 -0.0040 +48.80

10-year Treasury 3.5909 -0.0110

Treasury 2 years 4.2421 -0.0230

OIL

(in dollars) Previous Price Var Var.% YTD

US light crude 78.29 79.16 -0.87 -1.10% +27.90%

Brent 82.18 83.12 -0.94 -1.13% +24.46%

(Written by Claude Chendjou, edited by Matthieu Protard)

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