PARIS (Reuters) – Wall Street is expected to be with a strong withdrawal Thursday at the opening, while European scholarships fall in mid -session, investors worrying about customs duties announced Wednesday by US President Donald Trump.
Futures in New York indices suggest an opening of Wall Street in the red, the Dow Jones appearing to decrease by 2.8%, while Standard & Poor’s 500 declines by 3.4%and the Nasdaq by 3.87%.
In Paris, the CAC 40 fell from 2.66% to 7,650.13 points around 11:20 a.m. GMT. The Dax in Frankfurt abandoned 2.35%, while the FTSE in London declines 1.47%.
The pan -European FTSEUROFIRST 300 index lost 2.19%, the Eurostoxx 50 fell by 2.82%and the Stoxx 600 declines by 2.14%.
Donald Trump unveiled new so-called “reciprocal” customs of customs on Wednesday of at least 10% on all imports in the United States, at the risk of provoking an increase in prices and engaging in a world trade war.
In the list, in particular: the European Union (EU) and China, referred to respectively by customs duties of 20% and 34% on their products imported into the United States.
“Each day spent with these customs rights will have a negative impact on American growth, firstly through consumption. (…) The risk of recession in the United States is now very important. This situation will also weigh on the growth of business partners,” notes Enguerrand Artaz, strategist at the Financial of the Unthoquier.
“At this stage, the markets do not yet seem to be positioned for this scenario. The S&P 500 is only -10% compared to its highest historical people while valuation and positioning remain high. The additional de -insraining potential seems important, especially since one of the first victims of this ‘Liberation Day’, namely the individual American, was also the main support of the markets in the past two years”. The announcements of the American president do not raise the lasting uncertainty around the trade policy of the United States.
While some observers see these measures the beginnings of large customs negotiations, the trade partners of the United States have already announced their intention to retaliate to the measures taken on Wednesday.
The president of the European Commission, Ursula von der Leyen, announced that the EU was preparing countermeasures “to protect our interests and our companies if negotiations fail”. Beijing “will take countermeasures to protect its rights and interests,” said the Chinese Ministry of Commerce.
The announcements of the American president should obscure the next indicators, including the ISM of services Thursday and the monthly American employment report on Friday, however essential to gauge the resistance of the American economy at the threshold of a probable trade war.
The values ​​to follow at Wall Street
Almost all of the American actions, exposed to the national situation and with supply chains in Asia, are backing up.
Tesla also reported a decline of 13% of its quarterly sales, penalized by the backlash of the political positions of leader Elon Musk, increased competition and less appetite for the best -selling electric vehicle in the group, Model Y.
Values ​​in Europe Sports equipment manufacturers Adidas and Puma lose 9.9% and 10.3%, after the announcement of a new series of American customs rights targeting Vietnam, Indonesia and China – key countries for supplying the sector.
Luxury is particularly affected by the measures announced by Donald Trump, the compartment abandoning 4.3%. The banking sector fell by 4.1%, fears of recession weighing on these values ​​sensitive to the cycle.
The pharmaceutical sector, on the contrary, benefits from its exclusion from the measures announced by Donald Trump, GSK and Astrazeneca taking 2.9% and 1.8% respectively.
The sector of service companies to the public, deemed defensive, jumped from 2.24% to a higher in 16 years.
Aperam, steel producer, falling 8.2% after announcing Thursday to expect a low first quarter, citing a demand which remains “overall depressed” and a context of high pressure on prices in the first quarter in Europe.
Siemens announced on Wednesday its intention to acquire the American company Dotmatics for $ 5.1 billion from the Instight Partners in order to strengthen its portfolio in the field of life sciences, and folds up by 6.2%.
RATE
Yields collapse, investors rushing into risk -free assets awaiting new commercial developments.
The ten -year -old Treasury yield declines from 10 bp to 4.0946%, while the two -year title yield abandons 8.9 pb to 3.8151%. The yield of the German ten years fell from 6.9 b to 2.656%, that of the rate at two years loses 9.5 pb to 1.946%.
Changes
The dollar collapses, Deutsche Bank believing that this decline was the more restrictive budgetary posture in the United States, which adds to pressure on American growth. The dollar decreases 1.77% against a basket of reference currencies, the euro rises from 1.81% to 1.1052 dollars, and the pound sterling is strengthened from 1.1% to 1.3148 dollars.
OIL
The barrel declines, the risks of a trade war that would weigh on the request for oil making the courses fall.
The Brent fell 4.58% to $ 71.52 per barrel, the American light crude (West Texas Intermediate, WTI) weakens 4.91% to 68.19 dollars.
Main economic indicators at the April 3 agenda:
GMT countries Perio Preet Consensus
USA 12:30 p.m. Weekly registrations at SEM. at 29 225,000 224,000
unemployment March
USA 2:00 p.m. ISM of services March 53.0 53.5
(Written by Corentin Chappron, edited by)
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