by Claude Chendjou

PARIS (Reuters) – The main European stock markets are expected on Monday on a slightly positive note for the first session of the third quarter in continuity with the previous three months when questions about inflation, interest rates and the economic situation dominated. .

According to the first indications available, the Parisian CAC 40 should gain 0.28% at the opening, the Dax in Frankfurt 0.30% and the FTSE 100 in London 0.36%. The EuroStoxx 50 index is expected to rise by 0.34%.

In Europe, where the Stoxx 600 index gained 0.9% for the second quarter as a whole, investors closed the week, month and quarter on Friday by hailing a PCE index of consumer prices in the United States. showed a marked slowdown over one year (+3.8%).

At the same time, the US economy showed stronger than expected resilience, helping to stave off the specter of a sharp recession.

In this respect, the market will follow the ISM manufacturing index in the United States for the month of June at 14:00 GMT, while in Europe the monthly PMI indices for the sector will be published from 06:45 GMT.

In China, the manufacturing PMI index calculated by Caixin/S&P Global showed that activity slowed in June, to 50.5 from 50.9 in May, which is fueling hopes for further economic stimulus measures from China. from Beijing.

AT WALL STREET

The New York Stock Exchange ended higher on Friday as inflation showed signs of easing, sending bond yields lower and tech stocks rising.

The Dow Jones index gained 0.84% ​​to 34,407.60 points, the Standard & Poor’s 500 1.23% to 4,450.38 points and the Nasdaq Composite 1.45% to 13,787.92 points.

Over the first six months of the year, this last index, with a strong technological component, posted its strongest growth in 40 years for a first half.

Apple’s market cap, meanwhile, crossed the $3 trillion mark again on Friday as investors count on the US giant’s ability to grow revenue while exploring new markets like virtual reality. .

Outside of tech stocks, Nike fell 2.65% after reporting weaker-than-expected first-quarter revenue, while cruise line Carnival jumped 9.73% on an upgraded recommendation. Jefferies to “buy”.

IN ASIA

At the Tokyo Stock Exchange, the Nikkei index advances by 1.64% to 33,734.69 points and the Topix, larger, takes 1.38% to 2,320.07 points as the close approaches.

The MSCI index comprising stocks from Asia and the Pacific (excluding Japan) rose by 0.8%.

In China, the Shanghai SSE Composite gained 1.17% and the CSI 300 gained 1.1%.

EXCHANGES/RATES

The dollar is stable (-0.05%) against a basket of benchmark currencies after losing 0.4% on Friday following the publication of inflation figures in the United States.

The Japanese currency is trading at 144.45 yen to the dollar for the first session of the second half after falling 9% in the first six months of the year. The market is speculating on a possible intervention by the Japanese authorities if the threshold of 145 is permanently crossed.

The euro is displayed at 1.0914 dollars (+0.04%) and the pound sterling at 1.2702 dollars (+0.08%).

In the bond market, the yield on ten-year US Treasuries was broadly stable at 3.831%, after losing more than four basis points on Friday.

OIL

The oil market fell slightly due to concerns about demand, particularly from China, following the publication of the Caixin PMI index: Brent lost 0.09% to 75.34 dollars a barrel and American light crude ( West Texas Intermediate, WTI) 0.14% to $70.54.

(Written by Claude Chendjou, edited by Bertrand Boucey)

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