PARIS (Reuters) – The New York Stock Exchange opened on Wednesday after the publication of a consumer price index (ICC) in the United States which shows a slowdown in inflation, which soothes the fears in this area in the context of a world trade war.

In the first exchanges, the Dow Jones index earns 186.55 points, or 0.45%, at 41,620.03 points. Standard & Poor’s 500, wider, increased by 56.41 points, or 1.01%, to 5,628.48 points. The Nasdaq Composite takes 292.38 points, or 1.68%, at 17,728.48 points.

An hour before the opening of Wall Street, the American Labor Department indicated that the ICC had decelerated in February at a more marked pace than expected, at +0.2% over a month and +2.8% over one year, against respectively +0.5% and +3.0% in January. The “Core” CPI index, which excludes volatile elements, has also slowed down more than expected.

These figures are published while customs duties of 25% on all imports of steel and aluminum decided by the American president, Donald Trump, entered into force, triggering reprisals from the European Commission.

“This is good news on the inflation front, but obviously, with the imposition of customs duties, we still do not know what is the real direction of inflation at present, but on the basis of monthly and annual variations, it evolves in the right direction”, notes Peter Cardillo, chief economist markets at Spartan Capital Securities.

“It will take a long time in economic terms, perhaps six to nine months, to see the impact of Trump customs duties,” notes Kim Forrest, investment director at Bokeh Capital Partners.

On the bond market, operators still anticipate a recovery in the drop in rates of the American Federal Reserve (Fed) in June while the yield of Treasuries at ten years is tense, from 3.2 base points to 4.322%.

Uncertainty about customs duties has led companies to reduce their investments and adjust their forecasts downwards.

Goldman Sachs lowered its end-of-year forecast for the S&P 500 index, bringing it from 6,500 to 6,200 points, while JPMorgan estimates the probability of a next recession in the United States, against a probability of 30% at the start of the year, at 40%.

At the values, TSMC advances 3.21%after proposing in Nvidia (+5.42%), AMD (+2.91%), Qualcomm (+1.04%) and Broadcom (+4.17%) to take shares in a joint venture that would exploit Intel factories, according to sources.

Intel, whose stock market value has melted by more than 50% for a year, climbed by 5.10%.

Walmart wins 1.52% while, according to Chinese media, the American distributor asked its Chinese suppliers to reduce their prices to compensate for the surcharge desired by Donald Trump.

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(Written by Claude Chendjou, edited by Kate Entringer)

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