by Augustin Turpin
(Reuters) – Wall Street is expected to be stable and European stock markets are rising at mid-session, driven by the wave of corporate financial results in the absence of a catalyst, while investors await new signals on the trajectory of stock rates. interest of the American Federal Reserve(Fed).
New York index futures signal Wall Street opening up 0.02% for the Dow Jones, down 0.03% for the Standard & Poor’s-500 and 0.06% for the Nasdaq.
In Paris, the CAC 40 rose 0.91% to 8,148.81 around 10:30 GMT. In Frankfurt, the Dax rose by 0.47% and in London, the FTSE by 0.51%.
The pan-European FTSEurofirst 300 index takes 0.43%, the EuroStoxx 50 of the euro zone 0.48% and the Stoxx 600 0.38%.
European markets are regaining momentum after the loss of momentum observed in April, the period of publication of financial results having shown the robustness of European companies, while the ECB seems optimistic about the possibility of a first reduction in its key rate in June.
“The ECB is best placed among the big banks to start cutting rates,” said Daniela Hathorn, an analyst at Capital.com.
However, ECB officials have expressed uncertainty about easing monetary policy beyond June, while across the Atlantic, doubts about the Federal Reserve’s rate cuts are mounting. more and more pressing.
“A rate cut will not solve all the problems, but it gives investors the feeling that the ECB is in tune with what is happening in the economy,” added Daniela Hathorn.
VALUES TO FOLLOW AT WALL STREET
Meta Platforms said Tuesday it will expand its suite of generative AI advertising products to offer tools that can automatically create variations of images and overlay text on them.
Rivian Automotive on Tuesday published first-quarter sales above consensus and reiterated its production forecast of 57,000 vehicles this year, due to sustained demand for its electric cars.
Reddit reported quarterly revenue above consensus, thanks to strong user growth and a rise in the advertising market.
VALUES IN EUROPE
Alstom takes around 3% after detailing its plan to reduce debt and reform its finances.
Siemens Energy soars 13% after announcing the replacement of the boss of its troubled wind division, while raising its outlook for 2024.
BMW drops around 3% after saying it expects a slight drop in pre-tax profit this year, due to higher costs for research and development, production and personnel, as well as lower prices used cars.
RATE
Bond yields in the euro zone are stable, with the ten-year German Bund gaining 3.4 basis points (bps) to 2.455%, while the US Treasury at the same maturity gained 1.8 bps to 4.4795%.
CHANGES
The dollar is stable, recovering part of the losses caused by the resumption of bets on future rate cuts by the Fed, and advances (0.09%) against a basket of reference currencies, while the euro loses – 0.02% to $1.075.
OIL
Oil prices are falling as industry data from the American Petroleum Institute showed rising U.S. oil inventories, indicating weak demand.
Brent dropped 0.97% to $82.35 per barrel, with American light crude (West Texas Intermediate, WTI) losing 1.03% to $77.57 CLc1.
(Written by Augustin Turpin)
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