by Claude Chendjou

PARIS (Reuters) – Wall Street is expected Friday without much change at the day after the records of four major clues in the aftermath, while European scholarships are on low mid -session variations at the end of a week marked by decisions several major central banks.

Futures in New York indices report an opening of Wall Street up 0.01% for Dow Jones, 0.03% for Standard & Poor’s 500 and 0.05% for NASDAQ.

In Paris, the CAC 40 earns 0.23% at 7,872,49.32 points around 11:20 a.m. GMT. In Frankfurt, the Dax bent at 0.21%. In London, the FTSE nibbles 0.08%.

The pan -European FTSEUROST 300 and the Euro area in the euro zone each increased by 0.01%, while the Stoxx 600 abandons 0.10%, weighed down by benefits in the technological compartment.

On the whole week, the CAC 40 wins at this stage 0.59%, while the Stoxx 600 is practically stable.

The feeling of the market is still supported by the prospects for rate drops to the United States announced Wednesday by the American Federal Reserve (Fed). In addition to the American Central Bank, the Bank of Canada (BOC), the Bank of Norway (Norges Bank), the Bank of England (BOE) and the Bank of Japan (BOJ) made their respective monetary policy decisions this week, ranging from a drop in rates of 25 basis points to a status quo.

The Fed decision has strengthened the appetite for risky assets, allowing Dow Jones, S&P 500, Nasdaq and Russell 2000 indices (index that brings together small and medium capitalizations), to touch new peaks Thursday.

“We are looking for support for economic growth and justification of tense valuations, and the lower interest rate perspective contributes to it,” said Sam Stovall, investment strategist chief at CFRA Research.

In Europe, the technological compartment, which had undergone losses in July and August, is moving towards a monthly gain of 4.43%. The index recorded an increase of 4.90%over the whole week.

At the same time, volatility on actions, measured by the Vix to Wall Street and the VSTOXX on the Euro Stoxx 50 index, is down, despite a so-called “three witch” session, that is to say the arrival of options and term contracts on the third Friday of the months of March, June, September and December.

The contrasting statistics of the day showing a stronger increase than scheduled in August of retail sales in the United Kingdom, a decline in August production prices in Germany and a slight deterioration in September of the business climate in France in a context of political uncertainty, did not affect the good humor of the market.

The next test could be the telephone interview scheduled for Friday between American President Donald Trump and his Chinese counterpart Xi Jinping to reach an agreement on Tiktok and appease tensions between the two superpowers.

The values ​​to follow at Wall Street

Fedex jumped 5% in a forefoot after having published a turnover and a quarterly benefit above the expectations of Wall Street.

United Parliament Service takes 1.2% in the forefront with the abandonment of its redemption project of Estafeta, a Mexican parcel transport company.

Values ​​in Europe

Crédit Agricole SA takes 1.44%, sources having 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 respectively by 2.33% and 4.56% respectively, Goldman Sachs having started monitoring the titles to be “selling”, deeming them less interesting than those of their competitors in a context of redefinition of the European Defense sector.

Stellantis advances 3.39% 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 manufacturer of continental tires jumped 32% in the aftermath of the Aumovio split, which earned 3.99%.

KUEHNE+NAGEL cedes 7.11%, Deutsche Bank having lowered its recommendation to the Swiss Swiss logistics group to “keep”.

European Maersk and Hapag-Lloyd logistics groups abandon 4.96% and 3.16% respectively, analysts having reported a sharp drop in freight clues per container and prevented that American port volumes could decrease.

RATE

The yield of the German Bund at ten years rises from 2.3 basic points (PB), to 2.7374%, while the 30 years appears at 3.32% after climbing in session at 3.41% in reaction to the announcement of an increase in German debt emissions.

The yield of French bonds at ten years increased by 2.4 basic points, at 3.5495%, while that of Italian bonds of the same deadline stands at 3.5622%, while the Fitch rating agency must make its decision on the sovereign note of Italy in the evening, a week after having degraded France.

The gap between the yields of German and French obligations at 10 years remains above 80 base points, while that between Italy and France fell to zero. In the United States, the yield of Treasury bills at ten years is advancing from 2.2 base points to 4.1255%, while that at two years, more sensitive to the evolution of guiding rates, is stable, at 3.5799%.

In Japan, bond yields climb after the statio quo decided by the Bank of Japan, the ten years taking 4.5 pb at 1.64%, equaling the highest by more than 17 years of the beginning of the month. The five -year yield, for its part, jumped from 4.5 pb to 1.2%, an unprecedented level since October 2008.

Changes

The Japanese yen strengthened on Friday around 147 for a dollar before erasing part of his earnings in a volatile session marked by the BOJ’s decision to maintain its guiding rates. Two dissident votes in the bank’s monetary policy committee called for an increase in rates.

The dollar increased by 0.22% against a basket of international currencies, regaining some ground after falling on Wednesday at a hollow of three and a half years with the drop in guiding rates in the United States.

The euro fell 0.25%, to 1.1755 dollars, in a context of social tensions in France, notably with massive mobilization Thursday at the call of unions.

The Sterling book is exchanged at 1.3488 dollars, down 0.49%, while British public sector loans totaled 83.8 billion pounds (96.16 billion euros) between April and August, or 11.4 billion pounds more than provided by the British budgetary authority, according to official data published on Friday. This complicates the situation for the Minister of Finance, Rachel Reeves, who must present his budget on November 26.

OIL

The oil market is falling behind on Friday, fears linked to demand taking precedence over the drop in Fed guiding rates.

The Brent refused from 0.25% to 67.26 dollars per barrel and the American light crude (West Texas Intermediate, WTI) declines 0.53% to 63.23 dollars.

(Written by Claude Chendjou, edited by Augustin Turpin)

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