by Mara Vilcu
(Reuters) – European scholarships finished in dispersed order on Friday, while a week rich in financial results and led by the entry into force of American rights is coming to an end, investors also analyzing the latest news concerning the American Federal Reserve (Fed).
In Paris, the CAC 40 ended up 0.44% to 7,709.2 points. The British footsie sold 0.06% and the German Dax lost 0.19%.
The Eurostoxx 50 index took 0.23%, the FTSEURofirst 300 0.19%and the Stoxx 600 0.19%.
Over the week, the CAC 40 took 1.45% and the STOXX 600 1.20%.
The overall optimistic results of companies and increasingly safe bets on new decreases in interest rates by the Fed contributed to the rise in European actions after their lowest level in five weeks last Friday.
“The actions have generally resisted (…) the results were on the whole satisfactory, perhaps thanks to a greater certainty around trade,” said Richard Flax, director of investments at Moneyfarm.
On the commercial front, American customs duties on dozens of trade partners in the United States entered into force Thursday, whose investors easily absorbed the establishment, betting on the continuation of commercial negotiations with Washington.
“The shock (customs duties) is very real. The question is therefore now what will be its impact on the economy and the data, and when it will be felt. Because so far, let’s be honest, it has been less severe than what many had planned,” according to Samy Chaar, economist at Lombard Odier.
In addition, the markets also focus their attention on the announcements from the White House on appointments on the Council of Governors. US President Donald Trump announced Thursday that he would appoint the chairman of the White House economic advisers committee, Stephen Miran, to occupy a vacant seat at the Fed during the last months of the corresponding mandate, after the surprise resignation of one of the seven governors, Adriana Kugler.
Bloomberg also reported on Thursday that Christopher Waller, one of Fed’s governors, was the favorite candidate to take the presidency of the central bank after the end of Jerome Powell’s mandate next May.
VALUES
Munich Re lost 7.21% after lowering the target of annual turnover of its reinsurance division and reports a net result much lower than expectations for its life and health reinsurance segment (“Life and Health”), citing “a random accumulation of important distinct losses”.
A Wall Street
At the end of the closure in Europe, exchanges at the New York Stock Exchange indicated an increase of 0.53% for the Dow Jones, 0.77% for the Standard & Poor’s 500 and 0.92% for the Nasdaq Composite.
Changes
The dollar is under pressure on Friday and is about to accuse a weekly withdrawal. Donald Trump’s choice to temporarily appoint Stephen Miran to the Fed vacant headquarters fuel the expectations of an accommodating candidate to replace President Jerome Powell at the end of his mandate.
The dollar loses 0.28% against a basket of reference currencies.
The euro earns 0.01% to 1.1666 dollars.
The pound sterling gives way a little of the gains recorded the day before, but remains in small increase, and takes 0.02% against the dollar and 0.12% against the euro, after the decision of monetary policy of the Bank of England which lowered its key rates at the end of a very tight vote, which nourishes the anticipations on a break to come in the monetary relaxation.
RATE
American yields are up on Friday, the 10 -year return, a market reference, preparing to record its first weekly increase in three weeks.
The yield of Treasuries at ten years advances from 3.9 base points to 4.2829%. The two years took 2.4 base points at 3.7582%.
The yield of the German Bund at ten years is advancing from 4.9 base points to 2,6850%. The two years takes 3.3 base points at 1.9581%.
OIL
Oil prices are increasing after dropping earlier in the day, after press information that the United States and Russia are preparing a truce agreement in Ukraine. The economic prospects combined by customs duties have accentuated pressure on crude.
The Brent advances from 0.42% to $ 66.71 per barrel and light American crude (West Texas Intermediate, WTI) takes 0.28% to 64.06 dollars.
(Written by Mara Vîlcu, edited by Kate Entringer)
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