by Claude Chendjou
PARIS (Reuters) – The main European stock markets are expected on a stable note on Friday at the opening in a context of cautious optimism on the ceiling of the American debt but a burst of new macroeconomic indicators could influence the trend.
Futures contracts on indices suggest an increase of 0.10% for the CAC 40 in Paris and 0.06% for the Dax in Frankfurt. The FTSE 100 in London could fall 0.07%, while the EuroStoxx 50 is expected to rise 0.12%.
On raising the US debt ceiling, Reuters reported on Thursday that Democratic President Joe Biden and Republican House of Representatives “speaker” Kevin McCarthy were close to an agreement.
As for macroeconomic indicators, the market will take note at 12:30 GMT of data on household income and expenditure in April in the United States, a statistic that includes the PCE price index, the preferred measure of inflation by the American Federal Reserve ( fed). An index of American household morale and statistics on durable goods orders in the United States are also on the agenda. The day before, the growth of the American economy in the first quarter was revised upwards, with GDP increasing by 1.3% at an annualized rate.
In Europe, among the indicators of the day are retail sales in Great Britain for the month of April and the Insee survey on household morale in France for the month of May.
AT WALL STREET
The New York Stock Exchange ended in scattered order on Thursday, the Nasdaq having been carried by Nvidia which announced a quarterly profit forecast well above expectations.
The Dow Jones index fell 0.11% to 32,764.65 points.
The broader S&P-500 gained 0.88% to 4,151.28 points.
The Nasdaq Composite advanced for its part by 1.71% to 12,698.09 points.
Nvidia jumped 24% to an all-time high after saying it expected quarterly profit 50% better than estimates. The semiconductor manufacturer also announced an acceleration of its production to meet the increased demand for its chips intended for artificial intelligence (AI).
In the wake of Nvidia, the main players in the artificial intelligence sector, Microsoft and Alphabet, also reaped gains, as did other semiconductor manufacturers, such as Advanced Micro Devices which took around 11% and Micron Technology.
On the Tokyo Stock Exchange, the Nikkei index advanced 0.73% to 31,027.47 points, heading for a seventh consecutive week of gains, the longest series in progress for five years. The wider Topix took 0.12% to 2,148.75 points as the close approached.
The Japanese market is notably supported by the weakness of the yen, which favors exporting companies. In addition, according to data released on Friday, Tokyo city inflation stood at 3.3% in May, hovering above 2% for a year as Japan struggled for decades. to raise prices and wages.
The MSCI index comprising stocks from Asia and the Pacific (excluding Japan) rose by 0.3% but should show a decline of 1.6% over the whole week, while the Hong Kong Stock Exchange did not not open this Friday.
In China, the Shanghai SSE Composite gained 0.47% and the CSI 300 gained 0.1%.
The dollar fell 0.15% against a basket of benchmark currencies. However, the greenback remains close to its two-month peak reached on Thursday and is heading for a third straight week of gains.
The euro, up 0.18%, is displayed at 1.0738 dollars.
The yield on two-year U.S. Treasuries, the most sensitive to interest rate expectations, takes just over a basis point to 4.5205% after hitting a peak in Asia trading on Friday. two and a half months at 4.552%. Over the week as a whole, he has gained 24 basis points at this stage.
The oil market is hurt by conflicting statements from Russia and Saudi Arabia, with Moscow ruling out further OPEC+ supply cuts at the June 4 meeting while Riyadh hinted further cuts in production could take place.
Brent fell 0.03% to 76.28 dollars a barrel and US light crude (West Texas Intermediate, WTI) 0.24% to 72.00 dollars.
(Written by Claude Chendjou, edited by Nicolas Delame)
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