by Blandine Henault

PARIS (Reuters)-The main European scholarships are expected on a cautious note on Monday at the opening after the highly anticipated summit between US President Donald Trump and his Russian counterpart Vladimir Putin who did not lead to any cease-fire agreement or any announcement of United States sanctions against Russia or Russian oil importers.

The term contracts report a decline of 0.05% for the Parisian CAC 40, a quasi-stability for the Dax in Frankfurt, an increase of 0.16% for the FTSE in London and a gain of 0.09% for the Stoxx 600.

During a brief press conference Friday evening in Alaska (Saturday at night, Paris time), Donald Trump and Vladimir Putin made no concrete announcement on the conflict in Ukraine. However, the US President has joined the position of the Russian president to find a global peace agreement rather than an initial cease-fire, as Kyiv claimed.

Donald Trump will receive Ukrainian President Volodimir Zelensky and several European leaders, including Emmanuel Macron on Monday on Monday, including Emmanuel Macron, to discuss a peace agreement.

“Risky assets could initially salute the prospect of ‘peace’ but persistent skepticism about its sustainability will maintain volatility at a high level,” said John Plassard, strategist at Cité Gestion.

In addition to geopolitical negotiations, investors will be attentive to the Jackson Hole symposium organized by the American Federal Reserve (Fed). The president of the Fed, Jerome Powell, must speak there while the markets anticipate a drop in rates in September in the face of the degradation of the labor market in the United States.

“President Powell will probably point out that the risks weighing on his mandates concerning employment and inflation will balance, which will allow the Fed to return to a neutral key rate,” said Andrew Hollenhorst, economist at Citi Research.

“But Powell will not explicitly announce a drop in rates in September, pending data on employment and inflation of August,” he adds. “It would be relatively neutral for the markets which already fully anticipate a drop in September.”

OIL

The crude lessons evolve up after decreasing in the first exchanges, while the United States did not increase the pressure on Russia concerning its oil exports following the Trump-Putin summit in Alaska.

The American president said on Friday that it was not necessary to envisage customs duties against countries such as countries like China in retaliation for their Russian oil purchases, but he said he was considering doing so “within two or three weeks”.

China, the world’s leading importer of oil, is also the leading Russian oil buyer in front of India.

“The main issue was the taxation of secondary customs duties targeting the main Russian energy importers and President Trump actually indicated that he would suspend any progressive action on this front, at least for China”, Pointes Helima Croft, analyst at RBC Capital, in a note.

“The status quo remains largely unchanged for the moment,” she adds.

Brent barrel increased by 0.46% to 66.15 dollars and that of American light crude (WTI) gained 0.61% to 63.18 dollars.

The values to follow:

European defense values could react to the Trump-Putin summit before the meeting scheduled in Washington between the American president, his Ukrainian counterpart and European leaders.

“For the values of the defense, the prospect of an agreement which ‘rewards’ assault rather than dissuading it will only strengthen the determination of European capitals to rearm, thus supporting the multi -year recovery of military contracts”, underlines John Plassard.

A Wall Street

The term contracts on the three large American indices report an opening practically stable on Monday, after a closure in dispersed order on Friday.

The Dow Jones index gained 0.08% to 44,946.12 points, after having briefly reached a record with Unitedhealth.

The larger Standard & Poor’s 500 lost 0.29% to 6,449.80 points and the Nasdaq Composite fell on its side from 0.4% to 21,622.977 points.

Over the week, the three clues ended up on gains. The 1.7%Dow Jones, the S&P 500 of 0.9%and the Nasdaq by 0.8%.

In Asia

The Nikkei index of the Tokyo Stock Exchange has closed on a new higher historical (+0.77%) thanks to the weakness of the Yen which notably supports the exporting values of the automobile.

In China, the equity markets have affected a higher since 2015, a consequence of a rally of several months supplied partly by the appeasement of trade tensions between Beijing and Washington.

The composite index of the Shanghai Stock Exchange earns 0.67% and the CSI 300 of large capitalizations advances by 0.79%.

Changes / Rate

The currency market reacts little to the summit between Donald Trump and Vladimir Putin while the business is also awaiting the Jackson Hole symposium.

The dollar is unchanged in the face of a basket of reference currencies after its withdrawal last week linked to increased anticipation of Fed rates in September.

The euro is stable at 1.1698 dollars.

On the bond market, the yield of ten -year treasuries fell by just under two base points to 4.312%.

The rate of the German Bund of the same deadline is unchanged, at 2.779%.

(Written by Blandine Hénault)

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