by Blandine Henault

PARIS (Reuters) – The main European scholarships are expected to decrease on Wednesday at the opening, in the wake of Wall Street which suffered from the withdrawal of major technological values, and while attention focuses on American monetary policy on the eve of the Federal Reserve Symposium (Fed) in Jackson Hole.

According to the first indications available, the Parisian CAC 40 could lose 0.48% at the opening.

The term contracts report a drop of 0.62% for the Dax in Frankfurt, by 0.19% for the FTSE in London and 0.47% for the Stoxx 600.

Investors have joined the series of meetings between Americans, Russians, Ukrainians and Europeans in recent days to try to end the conflict in Ukraine. If the negotiations have enabled advances, no peace agreement is still emerging and the continuation remains suspended from a possible meeting between Volodimir Zelensky and Vladimir Putin that Donald Trump said.

The attention is now focused on the meeting of central bankers in Jackson Hole, which will be held from Thursday to Saturday and where the president of the Fed Jerome Powell should be expressed on Friday. The recent data dates on the employment front have fueled the anticipations of a drop in interest rates in September while the Fed has maintained the status quo since last December.

“The Fed is faced with an economic problem to manage with strong inflation and a marked slowdown in the labor market,” said Olivier Maltete, director of investments at Yomoni. “To this economic difficulty is added the need for the central bank to mark its independence in the face of the repeated criticism of Donald Trump against Jerome Powell”.

The American president sent a new salvo on Tuesday against the Fed boss, believing that he “really undermined” the real estate sector and again calling to lower interest rates.

In Jackson Hole, Jerome Powell “will be scrutinized on his ability to influence his speech on the orientation of monetary policy while being clear about the independence of the Central Bank”, according to Olivier Maltete.

The values to follow:

A Wall Street

The New York Stock Exchange ended up on Tuesday, trained by the withdrawal of the major values of “Tech” which suffered from fears surrounding the intervention of the United States government in the sector.

The administration of Donald Trump plans to take a 10% stake in Intel and according to sources, the US secretary for trade, Howard Lungick, is studying the possibility that the government is participating in the capital of semiconductor manufacturers who are allocated federal aid to build factories in the United States.

The Dow Jones index sold 0.12% to 44,859.34 points. The wider S&P-500 lost 0.67% to 6,405.68 points. The Nasdaq Composite fell on its side from 1.5% to 21,304.228 points.

At the values, Nvidia lost 3.5%, its strongest daily withdrawal in four months.

In Asia

The Nikkei index of the Tokyo Stock Exchange fell 1.58% as the fence approaches, weighed down by the decline in semiconductor segment in the wake of that of “Tech” at Wall Street.

This also weighs on the trend in China and nourishes profits after the highest of ten years affected at the start of the week.

The composite index of the Shanghai Stock Exchange fell by 0.09% and the CSI 300 of large capitalizations abandons 0.14%.

The Hong Kong Stock Exchange cedes 0.59%.

Changes / Rate

The dollar strengthens slightly upstream from the Jackson Hole symposium. It earns 0.1% against a basket of reference currencies.

The euro abandons 0.1% to $ 1.1635.

On the bond market, the yield of Treasuries at ten years is advancing more than one basic point, at 4.316%.

OIL

The crude prices are increasing up while investors continue to follow the negotiations in order to end the war in Ukraine, which could lead to a lifting of sanctions aimed at Russian oil.

Brent barrel increased by 0.3% to 65.99 dollars and that of American light crude (WTI) gained 0.24% to 62.5 dollars.

Main economic indicators at the agenda of August 20:

Pays GMT indicator previous consensus period

GB 06h00 Inflation July

– over one month -0.1% 0.3%

– Over one year 3.7% 3.6%

From 07:00 PRODUCTION PRODUCTION JULY

– Over one month 0.1% 0.1%

-over one year -1.3% -1.3%

EZ 9:00 am consumer price ipch July

(final)

– Over one month 0.0% 0.3%

– over one year 2.0% 2.0%

(Written by Blandine Hénault, edited by Augustin Turpin)

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