(Word too much in the “Bullet Points”)

by Claude Chendjou

PARIS (Reuters) – European scholarships finished on Friday on small variations and Wall Street was almost stable at mid -session after the aftermath of the records displayed by the American indices on the backdrop of the drop -down rates of the American Federal Reserve (Fed).

In Paris, the CAC 40 ended with a loss of 0.01% to 7,853.59 points. The British Footsie fell 0.12%, just like the German Dax.

The Eurostoxx 50 index nibbled 0.03%, while the FTSEUROFRIF 300 sold 0.05%and the Stoxx 600 0.16%.

At the time of the closing in Europe, the Dow Jones advanced 0.14%, the Standard & Poor’s 500 of 0.21%and the Nasdaq by 0.40%.

The drop in Fed rates on Wednesday and its forecasts for pursuit of monetary easing fueled risk -taking on the latest sessions, allowing Dow Jones, S&P 500, Nasdaq and the Russell 2000 index of small and medium capitalizations to climb to unprecedented levels.

The movement extended to Asia and Europe, particularly benefiting the compartment of new technologies, which recorded over the week an increase of 4.88%.

Decisions unsurprisingly in the week of the Bank of Canada (BOC), the Bank of Norway (Norges Bank), the Bank of England (BOE) and the Bank of Japan (BOJ) have hardly called into question the enthusiasm of the markets.

The meeting of the day being that of the “three witches”, that is to say the arrival of options and term contracts, the gains were nevertheless timid, while certain investors have chosen to take their profits.

Values ​​in Europe

Crédit Agricole SA took 1.41%, sources reported that the French bank is working with Deutsche Bank and Rothschild on a possible merger of its Italian branch with Banco BPM (-1.41%).

Thales and Dassault Aviation fell 2.21% and 4.56% respectively, Goldman Sachs having started monitoring the two titles to be “selling”, deeming them less interesting than those of their competitors in a context of reorganization of the European Defense sector.

Stellantis advanced 0.75% in favor of a change of recommendation from Berenberg, who passed to “buy” on the automaker. The group also presented a battery without inverter or charger.

The German continental tire manufacturer jumped 29.37% in the aftermath of the Aumovio split, which won 1.19%.

KUEHNE+NAGEL plunged 9.09%, Deutsche Bank having lowered its recommendation on the Swiss Swiss logistics group to “keep”.

European Maersk and Hapag-Lloyd logistics groups abandoned 5.86% and 4.85% respectively, analysts having reported a sharp drop in freight indices per container and prevented that American port volumes could decrease.

The indicators of the day

Retail sales in the United Kingdom recorded a higher increase than scheduled in August, by 0.5%, according to the National Statistical Office (ONS).

Production prices in Germany fell in August, 2.2%, show data from the Federal Statistical Office.

The business climate in France has deteriorated slightly in September, with a 96 -point index after 97 (revised 96) in August, according to the monthly Insee’s conjuncture survey.

Changes

The dollar increased 0.34% on Friday against a basket of international currencies, after falling on Wednesday in a hollow of three and a half years with the drop in guiding rates in the United States.

The Yen has strengthened around 147 for a dollar after the BOJ’s decision to maintain its guiding rates while two dissident votes in the bank’s monetary policy committee called for an increase in rates.

The euro fell 0.34%, to 1.1746 dollars the day after a strong social mobilization in France.

The Sterling book is exchanged at 1.3477 dollars, down 0.60%, while the situation is complicated for the British finance minister, Rachel Reeves, who must present her budget on November 26, in a context of high increase in borrowing from the public sector.

RATE

The yield of American treasury bills at ten years rises from 3.3 basic points (PB), at 4.137%, after having dropped sharply in the anticipation of the Fed decision.

That of the German Bund at ten years took approximately 3.5 base points, 2.7492%, in reaction to the announcement of an increase in German debt emissions.

The French OAT at ten years old ended up on a gain of 3.2 pb, at 3.5576%. Italian construction ended up 2.5 pb up, 3.5659%.

The yield gap between the Bund and the OAT at ten years has been established above 80 base points and that between the construction and the OAT for less than one point.

OIL

The fears of a drop in oil demand overshadowed the drop in Fed guiding rates: Brent refused from 1.1% to 66.7 dollars per barrel and the American brut (West Texas Intermediate, WTI) from 1.05% to 62.92 dollars.

(Written by Claude Chendjou, edited by Jean-Stéphane Brosse)

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