by Bertrand de Meyer

PARIS (Reuters) – European scholarships ended up on Friday despite a new custom of customs duties imposed by Donald Trump, especially in the pharmaceutical sector.

In Paris, the CAC 40 increased by 0.89% to 7,864.75 points, while the German Dax rose by 0.84% ​​and the British footsia has increased by 0.73%.

The Eurostoxx 50 index finished the session on an increase of 0.81%, while the FTSEUROFIT 300 scored a gain of 0.45%and that the Stoxx 600 took 0.75%.

The markets were rather reassured Friday by the publication of the PCE for consumer prices index in the United States which reported an increase in prices in August online with expectations.

This new data seems rather to go in the direction of the scenarios of several rate drops of the American Federal Reserve (Fed), as envisaged by the majority of analysts and economists, while doubts had emerged earlier in the week following the surprise resistance of the economy and the labor market across the Atlantic.

Several monetary policy officials of the American central bank have blown hot and cold during the week concerning the prospects for lower institution rate cuts.

Analysts will scan the creations of non -agricultural jobs next week, published on Friday, which will constitute one of the last key data before the next Fed meeting.

In Europe, new customs duties in the pharmaceutical sectors or transport have not really panicked the markets that have already integrated these customs risks.

“European actions are moving on the absence of catalysts and increasing budgetary concerns. Doubts about the magnitude of reforms and budgetary expansion in Germany harm the long -awaited takeover,” said Barclays economists in a note published on Friday.

Citigroup has thus lowered its recommendation on European actions from “overcoming” to “neutral”, emphasizing the weakening of economic indicators and the potentially delayed impact of American customs duties on the growth of the region.

VALUES

The European Steel sector has increased on Friday after information from the German newspaper Handelsblatt that the European Commission plans to impose customs duties in the coming weeks from 25% to 50% on Chinese steel.

Arcelor Mittal and Aperam gained 2.35% and 2.02% respectively. Voestalpine advanced by 2.89% and Thyssenkrupp by 3.55%.

Daimler Truck and Traton trucks have dropped 1.75% and 2.55% respectively after Donald Trump announced new taxes on the sector.

The European pharmaceutical sector has better resisted new customs rights advertisements that also target it: Novo Nordisk fell 3.49%, Roche abandoned 0.94%and Novartis even took 0.34%. In France, TP has signed one of the worst performance of the SBF 120 by abandoning 2.56%, at the lowest in 10 years. Investors are concerned about the prospects after the poor results of his American concentrix counterpart.

Alstom, on the contrary, recorded the best performance of the CAC 40 by winning 2.61% after reporting an order from a European customer.

In Germany, Lufthansa took 1.57%, two sources that reported to Reuters that the company was going to announce on Monday the abolition of several thousand jobs in order to demonstrate its commitment to increased efficiency in the market.

A Wall Street

At the time of the closing in Europe, exchanges at the New York Stock Exchange indicated a gain of 0.47% for the Dow Jones and 0.27% for the Standard & Poor’s 500, against a loss of 0.01% for the Nasdaq Composite.

The indicators of the day

The personal consumer price index (PCE) advanced 2.7% at an annual rate, after 2.6% in July and in accordance with expectations, show data from the Commerce Department.

The morale of American households deteriorated in September with an index at 55.1, show the final results of the monthly survey of the University of Michigan.

Changes

The dollar is down on Friday with anticipations of Fed rate drops.

The dollar drops 0.29% against a basket of reference currencies, the euro gains 0.22% at 1.1691 dollars, and the pound sterling increased from 0.47% to 1.3402 dollars.

RATE

American returns are rather stable on Friday, PCE inflation having strengthened the scenarios already integrated by the markets.

Treasury’s yield at ten years takes 0.9 pb at 4.1833%, while the two -year title yield is stable at 3.6635%.

The yield of the German ten years fell 3 bp to 2.7438%, that of the rate at two years lost 0.09 bp to 2.033%.

OIL

Oil prices are on the rise on Friday and are expected to garner their highest weekly increase in three months, Ukrainian attacks on Russian energy infrastructure weighing on supply prospects.

Brent took 1.67% at $ 70.58 a barrel, the American light crude (West Texas Intermediate, WTI) increased by 1.88% to 66.2 dollars.

To be continued on Saturday:

(Written by Bertrand de Meyer, edited by Blandine Hénault)

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