by Claude Chendjou

PARIS (Reuters) – Wall Street is expected in scattered order at the opening on Thursday and the European stock markets, with the exception of Frankfurt, are moving on a cautious note at mid-session after figures showing stability in inflation in the zone. euro in August, pending the publication of monthly PCE prices in the United States.

Futures on New York indices signal an opening of Wall Street up 0.32% for the Dow Jones, stability for the Standard & Poor’s 500 and a decline of 0.16% for the Nasdaq.

In Paris, the CAC 40 fell 0.2% to 7,349.52 around 11:05 GMT. In Frankfurt, the Dax advances by 0.55%, supported in particular by real estate stocks such as Vonovia (+3.85%). In London, the FTSE fell 0.02%.

The pan-European FTSEurofirst 300 index rose by 0.15%, the euro zone’s EuroStoxx 50 by 0.05% and the Stoxx 600 by 0.16%.

The session in Europe is hesitant as investors continue to question the monetary policy of major central banks while digesting mixed economic indicators.

The first estimate from Eurostat shows Thursday that the rise in prices in the euro zone stabilized in August at 5.3% over one year, ending four consecutive months of decline, under the pressure of high food prices.

Excluding the most volatile items such as unprocessed food and energy, inflation however slowed to 6.2% after 6.6% last month and a consensus of 6.3%, which could support the assumption of a pause in European Central Bank (ECB) rates in September.

The market is now waiting at 12:30 GMT for the PCE price index in the United States for the month of July, the Fed’s preferred indicator of inflation, while Friday will be published the official report on job creations, unemployment and country wages.

WALL STREET VALUES TO FOLLOW

Salesforce jumped 5.4% in pre-market trading, the professional software publisher having announced a better than expected profit in the second quarter and announced an increase in its sales forecast for the current quarter.

VALUES IN EUROPE

On the stock market, the European finance compartment (+1.52%) is driving trade with UBS in particular, which climbed 5.51%, to its highest level since October 2008. The Swiss bank said on Thursday that it was anticipating 10 billion dollars in savings with the absorption of the Swiss branch of Credit Suisse, which will result in the loss of 3,000 jobs.

In Paris, the forecasts of Pernod Ricard (-4.70%) in China weigh on the entire luxury sector, LVMH and Hermès respectively yielding 1.40% and 1.05%.

Values ​​exposed to Gabon such as Maurel & Prom (+6.21%) and Eramet (+9.90%) rebounded on Thursday after their sharp drop the day before linked to the seizure of power by a group of senior officers of the Gabonese army.

EXCHANGES/RATES

At foreign exchange, the dollar advanced by 0.32% against a basket of reference currencies before the publication of an inflation indicator in the United States.

The euro is trading at 1.0871 dollars, down 0.49% after the inflation figures in the community bloc.

On the bond market, the yield of ten-year Treasuries is almost stable, at 4.0984%, and that of its German equivalent yields around four basis points, at 2.494%, to a one-week low.

OIL

The oil market is supported by a sharp drop in crude inventories in the United States last week but weak manufacturing activity in China, which slowed for the fifth consecutive month in August, limits the gains.

Brent rose 0.66% to 86.43 dollars a barrel and US light crude (West Texas Intermediate, WTI) 0.62% to 82.14 dollars.

(Written by Claude Chendjou, edited by Kate Entringer)

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