PARIS (Reuters) – The main European stock markets are expected to be dispersed at the opening of a session marked by the publication of new results, the meeting of the European Central Bank (ECB) and some indicators, including that of retail sales to the States -United.
Futures contracts suggest a stable opening for the Parisian CAC 40, compared to a 0.17% rise for the FTSE in London, a directionless dDax in Frankfurt, and a fall of 0.08% for the EuroStoxx 50.
Numerous results will liven up discussions in Europe on Thursday, including those from Pernod Ricard, Publicis, Nestle and Nokia.
EssilorLuxottica figures are expected after the close.
Across the Atlantic, Netflix figures will be published after Wall Street closes.
Investors will also be sensitive to macroeconomic developments, with the ECB meeting on Thursday expected to conclude with a further cut of 25 basis points in its key rate.
“A break in October is no longer possible given the disappointing economic indicators and inflation below the target,” summarizes Christophe Boucher, investment director at ABN AMRO Investment Solutions.
“Christine Lagarde is expected to address two priority issues: ongoing tensions in the Middle East, which continue to threaten oil prices, and the lack of significant change in services inflation figures in recent months,” adds Christophe Boucher.
Investors are expecting two further rate cuts in 2024, a scenario made credible by the increasingly marked divergence between the economic trajectories of the euro zone and the United States.
The indicators expected on Thursday should confirm this discrepancy.
Retail sales in the United States for September will be published at 12:30 GMT, with the consensus of economists expecting that consumption, the main driver of the American economy, to increase over a month.
The “Philly Fed” activity indicator should also suggest an improvement in manufacturing conditions in October in the northern United States.
VALUES TO FOLLOW:
A WALL STREET
The New York Stock Exchange ended up on Wednesday, erasing part of its losses from the day before despite a further decline in technology stocks, benefiting from the performance of the financial sector after the publication of solid quarterly results.
The Dow Jones index gained 0.79%, or 337.28 points, to 43,077.70 points. The broader S&P-500 gained 27.21 points, or 0.47%, to 5,842.47 points. The Nasdaq Composite advanced 51.49 points (0.28%) to 18,367.08 points.
The Dow Jones returned above the threshold of 43,000 points and signed a closing record – the third in four sessions. The S&P-500, for its part, approached a historic peak.
Morgan Stanley reported better-than-expected quarterly results and gained 6.5%, finishing at a record close.
IN ASIA
The Tokyo Stock Exchange is hesitating under pressure from the semiconductor sector, which is positioning itself cautiously ahead of TSMC’s results. The Nikkei index lost 0.42% to 39,016.59 points, while the broader Topix gained 0.07% to 2,692.55 points.
Chip creation equipment maker Tokyo Electron lost 3%, chip test equipment maker Advantest fell 2.6%.
Chinese markets are rising ahead of a government conference which will focus on upcoming support measures for the real estate sector. The Hong Kong Hang Seng index increased by 0.84%, the Shanghai SSE Composite strengthened by 0.13%, the CSI 300 recorded an increase of 0.13%.
RATE
US yields are up slightly before the publication of important indicators.
The yield on the German ten-year rose by 1.4 bp to 2.19%, that of the two-year rate rose by 1.1 bp to 2.176%.
CHANGES
Exchange rates vary little while waiting for new indicators.
In Asia, the yen advanced 0.08% to 149.5 yen per dollar, the Australian dollar rose 0.39% to 0.6692 dollars.
The dollar is stable against a basket of reference currencies, the euro erodes by 0.08% to 1.0852 dollars, and the pound sterling loses 0.06% to 1.2982 dollars.
OIL
The barrel is rebounding after an unexpected drop in crude stocks in the United States last week, according to figures from the American Petroleum Institute.
Brent rose 0.35% to $74.48 per barrel, American light crude (West Texas Intermediate, WTI) rose 0.38% to $70.66.
(Written by Corentin Chappron, edited by Zhifan Liu)
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