PARIS (Reuters) – The main European stock markets are expected to be scattered at the opening on Friday, with investors digesting several indicators of activity in Europe.
The first available indications indicate that the Parisian CAC 40 would appear without a marked direction at opening. Futures contracts on the FTSE in London suggest a decline at the opening of 0.30%, against 0.11% for the EuroStoxx 50 and a stable Dax in Frankfurt.
The PMI activity indicators published on Thursday showed that activity in the euro zone continued to contract in November, but the figures were better than expected by the consensus, raising hopes that the decline in activity was only temporary. .
The German GDP figures, the largest economy in the euro zone, and the IFO business climate index could help confirm these expectations.
The minutes of the last monetary policy meeting of the European Central Bank (ECB), published on Thursday, also showed that inflation was slowing in line with the expectations of the members of the central bank’s governing council, which moves away the risk of a further rate increase.
“The minutes highlight the ECB’s more cautious positioning on the economy and mark the start of a new phase of monetary policy: putting an end to rate hikes to keep them at a high rate for longer,” summarize the ING strategists.
And “although the central bank does not want to bring it up, the subject of rate cuts could enter the ECB’s discourse more quickly than expected.”
A WALL STREET
The New York Stock Exchange was closed Thursday for Thanksgiving.
On Friday, trading on the American stock exchanges will be shortened and the session will close at 6:00 p.m. GMT.
IN ASIA
The Tokyo Stock Exchange ended up on Friday, approaching its highest level in three decades, as the halt in the yen’s rebound supported exporters’ stocks. The Nikkei index gained 0.52% to 33,625.53 points and the broader Topix gained 0.57% to 2,391.72 points.
Exporters progressed: Mazda gained 3.05% and truck manufacturer Isuzu 2.04%, while Toyota gained 2.8%.
Chinese indices have fallen under the pressure of an uncertain economic trajectory, while the exit movement of foreign investors accelerates. The Shanghai SSE Composite fell 0.69%, the CSI 300 0.67%, the Hong Kong Hang Seng index 1.65%.
RATE
American yields are up slightly, investors having little data allowing them to assess the state of activity in the United States, and while some operators are on vacation for Thanksgiving.
The ten-year Treasury yield rose 4.1 bps to 4.4567%, while the two-year rate rose 3 bps to 4.9398%.
CHANGES
The pound remains near a two-month high after the release of PMI indicators raising fears that the Bank of England could cut rates later than expected.
The dollar declines by 0.20% against a basket of reference currencies, while the euro stands still at 1.0905 dollars, and the pound sterling remains at 1.2534 dollars.
In Asia, the yen strengthened by 0.22% to 149.23 yen per dollar, while the Australian dollar gained 0.09% to 0.6563 dollars.
OIL
Oil is hesitant before the next OPEC+ meeting, scheduled for November 30, while trade volumes remain limited over Thanksgiving.
Brent is stable at $81.4 per barrel, with American light crude (West Texas Intermediate, WTI) falling 0.83% to $76.46.
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