(News Bulletin 247) – The European stock markets are gray on Tuesday (-1.2% in London, -0.7% in Frankfurt, -0.8% in Paris), clearly more concerned than reassured by a further easing of Chinese monetary policy decided overnight.
The People’s Bank of China (PBOC) has indeed cut the interest rate on its medium-term credit facility for the second time in three months, illustrating local authorities’ concern over signs of a Chinese economy. losing speed.
“Disappointing data on activity in July, sub-zero inflation and renewed concerns about the real estate sector and the shadow banking sector reinforce the urgency for policymakers to act quickly”, reacts Commerzbank.
“While a list of plans and policy measures have been deployed in recent weeks, concrete actions are essential to strengthen confidence before it deteriorates further,” continues the German bank.
More encouraging news from Asia, Japan’s GDP growth accelerated to +1.5% sequentially in the second quarter of 2023, around double the rate expected by consensus, thanks to the strength of exports.
Still in terms of statistics, the ZEW indicator of the economic outlook for Germany rose by 2.4 points to -12.3 in August, but that assessing the current situation fell by 11.8 points to -71.3, its lowest level since October 2022.
In securities news, Marks and Spencer jumped nearly 7% in London as the department store chain reported buoyant sales and said it expects a rise in its annual profit, during a business update. .
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