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PARIS (Reuters) – The main European stock markets are expected to rise on Friday at the opening after the sharp decline caused the day before by the remarks of the President of the European Central Bank (ECB), who did not exclude an increase in interest rates. interest in the year to curb the rise in prices.
Futures contracts suggest an opening up 0.79% for the Paris CAC 40, 0.57% for the Dax Frankfurt, 0.69% for the FTSE London and 0.65% for the EuroStoxx 50.
The latter lost 1.92% and the CAC 40 1.54% on Thursday after the meeting of the Governing Council of the ECB.
During her press conference, Christine Lagarde adopted a stance deemed more restrictive by not reaffirming that a rate hike this year was “very unlikely”, acknowledging that inflation in the euro zone was stronger than expected and that the risks were on the upside.
Market participants felt that his comments left the door open for a tightening of the institution’s monetary policy later this year.
Eurozone money markets move close to 100% probability of rate hikes of 40 basis points by the end of 2022.
“We see that the environment is really changing in terms of the positioning of central banks, which were previously focused on supporting growth but are now turning their attention to fighting inflation,” said Rob Carnell, chief economist. at ING.
On the menu of the session, several company results are expected as well as economic indicators including the report on employment in the United States in January, 1:30 p.m. GMT.
According to the Reuters consensus, job creation should slow to 150,000 from 199,000 the previous month.
Published at the start of the morning, industrial orders in Germany came out above expectations in December, up 2.8% while the Reuters consensus anticipated an increase of 0.5% after +3.6% (rvis) in November.
VALUES TO FOLLOW:
AT WALL STREET
The New York Stock Exchange had a day of debacle on Thursday, with the collapse of technology stocks causing the Nasdaq to drop sharply since September 2020.
The Dow Jones index lost 1.45% 35,111.16 points, the broader S&P-500 fell 2.44%, 4,477.39 points and the Nasdaq Composite fell 3.74% 13,878.82 points.
Meta Platforms fell 26.4%, losing more than $200 billion in valuation, according to Reuters calculations. Facebook’s parent company blamed its disappointing quarterly outlook on Apple’s privacy and competition changes.
In its wake, Alphabet, Microsoft, Twitter, Qualcomm Amazon, Pinterest and Snap lost between 3.3% and 23.6%.
Amazon recovered 17% in non-session trading after posting earnings above expectations for the last three months of 2021.
Futures contracts indicate a higher opening of the main indices between 0.59% and 1.98%.
IN ASIA
The Nikkei index of the Tokyo Stock Exchange took 0.73%, taking advantage of the rebound that is looming on Wall Street. He gained 2.7% over the week, signing his first weekly increase after four consecutive weeks in the red.
Markets in China, and other Asian countries, remain closed due to Lunar New Year festivities.
CHANGES
The euro gained 0.12% to 1.1452 dollars, accentuating its strong growth on Thursday following comments made by Christine Lagarde. It is heading for its best weekly performance since March 2020 and has so far gained almost 2.90% since the start of the week.
“Christine Lagarde opened the door to a new round of ECB tightening this year. The market has moved in that direction,” said Rodrigo Catrill, senior currency strategist at National Bank of Australia.
The pound sterling lost some ground against the greenback, after hitting a two-week high the previous day, and against the euro after a two-year high on Thursday following the Bank of England’s decision to increase a once again its key rate by 25 basis points.
The “dollar index”, which measures the variations of the American currency against other reference currencies, fell by 0.12%.
RATE
On the bond market, government bond yields in the euro zone hit their highest on Thursday on expectations of ECB rate hikes in the year. That of the ten-year German Bund rose to 0.159%, a level it had not reached since March 2019. In the first exchanges this Friday, it stabilized around 0.153%.
The yield on ten-year Treasuries gained two basis points in Asian exchange rates, to 1.8328%.
PETROLEUM
Oil prices are on the rise as a winter storm hitting the central and northeastern United States threatens to further disrupt oil supplies.
The barrel of Brent gained 0.35% to 91.43 dollars and American light crude took 0.52% to 90.74 dollars.
(said by Blandine Hnault)
by Laetitia Volga
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