PARIS (Reuters) – After a session closed on Monday for a public holiday, Wall Street opened lower on Tuesday amid widespread pessimism about the Chinese economic outlook.
In early trading, the Dow Jones index lost 0.49%, or 169.28 points, to 34,129.84 points. The Standard & Poor’s 500 fell 0.47% to 4,388.81 points and the Nasdaq Composite fell 0.41%, or 56.50 points, to 13,633.1 points.
The People’s Bank of China (PBOC) disappointed on Tuesday by not easing its monetary policy as strongly as expected by the markets in the context of a slowing Chinese economy. “The Chinese central bank is clearly indicating that it is taking measures to support activity, after a weakening growth momentum at the start of the second quarter”, temper the strategists of MUFG. “However, further stimulus is likely to be needed to restore investor confidence in China’s economic outlook.” On the stock market, Adobe fell 1.2% after information from the Financial Times that its plan to buy the Figma platform could be the subject of an investigation by European regulators. The proposed acquisition of Paypal’s deferred payment activities in Europe by KKR benefits the payment group, which rose 2.8% at the start of the session, but weighs on the performance of the private equity group, down 1.5 %.
(Report Corentin Chapron, edited by Blandine Hénault)
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