by Claude Chendjou
PARIS (Reuters) – Wall Street should rebound slightly on Thursday at the opening while the European stock markets, which finished in the green the day before, are falling again, penalized in particular by the real estate and automobile sectors .
New York index futures signal Wall Street opening up 0.40% for the Dow Jones, 0.44% for the Standard & Poor’s 500 and 0.62% for the Nasdaq. In Paris, the CAC 40 lost 0.53% to 7,543.24 points around 12:05 GMT. In Frankfurt, the Dax fell by 0.58% and in London, the FTSE fell by 0.53%.
The pan-European FTSEurofirst 300 index lost 0.58% and the eurozone’s EuroStoxx 50 lost 0.62%. The Stoxx 600 fell 0.54% but remained on course for a second consecutive month of gains.
The stock markets, buoyed by the hope of a reduction in interest rates from the major central banks next year, have, however, been moving for several sessions on a hesitant note, between profit-taking and a wait-and-see attitude.
Investors are particularly awaiting the PCE price index in the United States, the preferred measure of inflation by the American Federal Reserve (Fed), which will be published on Friday.
Before that, the publication this Thursday at 1:30 p.m. GMT of the final figures for the gross domestic product (GDP) of the United States for the third quarter could influence the trend. The Reuters consensus forecasts growth of 5.2% at an annualized rate over the July-September period.
VALUES TO FOLLOW AT WALL STREET
Micron Technology jumped 6% in pre-market trading, with the memory chip manufacturer anticipating revenue for the current quarter above expectations. In its wake, the semiconductor group Nvidia takes 1.3%, AMD 0.9%, Qualcomm 1.1% and Intel 0.9%.
Boeing is preparing to resume deliveries of its 787 Dreamliner planes to China, a source close to the matter told Reuters. The stock gained 1.7% in pre-market trading.
VALUES IN EUROPE
The automobile sector (-1.4%), the largest sectoral drop in the Stoxx 600, weighs on the trend in Europe, with notably Renault which drops 2.50% in Paris and Volkswagen which falls by 2.06% in Frankfurt, in a context of doubts about the evolution of the economic situation in the euro zone, particularly in Germany, where certain subsidies for the purchase of electric vehicles will be cut.
That of real estate, sensitive to variations in rates, lost 1.02%, driven in particular by Unibail Rodamco (-1.25%).
Axa (+0.17%) is in the green thanks to a reinsurance agreement on a life insurance portfolio.
Commerzbank increased by 1.09%, the German bank having received authorization from the ECB to repurchase up to 600 million euros of its shares.
Philips fell by 1.64%, the Food and Drug Administration (FDA), the health authority in the United States, having classified the recall of its medical imaging devices in the category of the most serious incidents.
RATE
The yield on the ten-year German Bund is stable at 1.97%, the lowest since March, despite the latest statements by Luis de Guindos, the vice-president of the European Central Bank (ECB), according to which it is premature to talk about a rate cut. The ECB’s chief economist, Philip Lane, is due to speak from 16:00 GMT.
Its American equivalent stands at 3.8806%, also practically unchanged, despite restrictive comments from certain members of the Fed.
“There is a clear divergence between the signals from the Fed and the evolution of rates integrated by the markets”, underline the analysts of Deutsche Bank in a note, while a rate cut of 25 basis points, from March next, is currently anticipated by the financial markets.
CHANGES
The dollar fell 0.31% against a basket of international currencies before the American inflation figures.
The euro is trading at $1.0978 (+0.37%) and the pound sterling at $1.2661 (+0.19%).
OIL
The oil market is trending downward due to an increase in crude stocks in the United States last week amid concerns about weak demand, two factors which take precedence over geopolitical tensions in the Middle East. East and the risk of supply disruption after the attacks in the Red Sea.
Brent fell 0.26% to $79.49 per barrel and American light crude (West Texas Intermediate, WTI) fell 0.28% to $74.01.
(Written by Claude Chendjou, edited by Blandine Hénault)
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