by Claude Chendjou

PARIS (Reuters) – The main European stock markets are expected to see slight variations on Thursday due to a new deluge of company results and macroeconomic indicators which call for caution.

However, a positive trend in certain markets could emerge following the decision of the American Federal Reserve (Fed) to rule out a further increase in interest rates in the current cycle.

According to the first available indications, the Parisian CAC 40 should gain 0.33% at opening. The Dax in Frankfurt could fall by 0.03%. The FTSE 100 in London is expected to gain 0.41%. The EuroStoxx 50 index is expected to fall by 0.18%.

Investors will learn a little before 08:00 GMT of the final results of activity in the manufacturing sector in the euro zone, while in the United States unemployment claims will give a new overview of the labor market before the publication of the official monthly report on Friday. on American employment. The monthly survey from the ADP firm showed on Wednesday that the private sector had created more jobs than expected in April.

The day before, the Fed maintained, as expected, its key rates at their current levels, in a range of 5.25%-5.50%, citing inflation that was more persistent than expected but ruling out the possibility of a further increase. borrowing costs.

In addition to macroeconomic indicators, trading should be driven by company results, including those of Worldline, Technip Energies, ArceloMittal, Shell, Novo Nordisk and Moderna, while those of Apple are expected after the close on Wall Street.

A WALL STREET

The New York Stock Exchange ended in disarray on Wednesday after the Fed’s decisions.

The Dow Jones index gained 0.23%, or 87.37 points, to 37,903.29 points.

The broader S&P-500 lost 17.30 points, or 0.34%, to 5,018.39 points.

The Nasdaq Composite fell 52.34 points (0.33%) to 15,605.48 points.

“What fueled today’s rise was the fact that he (Jerome Powell, Chairman of the Fed) said that a change (in rates) would not be an increase,” explains Ryan Detrick, chief strategist at Carson Group.

Advanced Micro Devices (-8.9%) ended the session in the red after announcing a disappointing forecast for sales of its chips intended for artificial intelligence (AI). Super Micro Computer fell 14% following quarterly results below expectations, while Amazon (+2.2%) was lifted by its cloud computing division which benefited from the craze around AI. Johnson & Johnson rose 4.6%, having announced progress on a $6.48 billion out-of-court settlement to settle disputes over its talc.

IN ASIA

On the Tokyo Stock Exchange, the Nikkei index fell 0.02% to 38,265.45 points, penalized by the appreciation of the yen. The broader Topix nibbles 0.11% to 2,732.43 points.

Toyota (-0.17%), Honda (-0.11%) and Sony Group (-0.5%) are in the red.

The MSCI index bringing together stocks from Asia and the Pacific (excluding Japan) gained 0.6%, thanks in particular to a jump of more than 2% in the main index in Hong Kong.

Markets in mainland China, closed for Labor Day, will only reopen on Monday.

VALUES TO FOLLOW IN EUROPE:

EXCHANGES/RATES

The Japanese currency is trading at 155.72 yen per dollar after suddenly firming up to 153 for about half an hour, while it crossed the threshold of 160 at the start of the week.

The dollar is stable (-0.009%) against a basket of reference currencies, after a decline of 0.56% on Wednesday.

The euro gains 0.07%, to 1.0716 dollars, while the pound sterling trades at 1.2533 dollars (+0.06%).

The yield on ten-year US Treasury bonds rose a little more than two basis points, to 4.614%, after a drop of almost ten points the day before.

OIL

Oil prices rebounded Thursday on the prospect of a reconstitution of American strategic reserves after three sessions: Brent rose by 0.65% to 83.98 dollars per barrel and American light crude (West Texas Intermediate, WTI) by 0. 63% at $79.50.

(Writing by Claude Chendjou, edited by Kate Entringer)

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