After suffering two weeks of severe correction in August, the stock markets came back to life in September thanks to a drop in inflation expectations, due in particular to the ebb in oil prices.
Investors remain torn between the temptation to make a few bargains and persistent risk aversion against a backdrop of recessionary threats and the tightening of monetary policies by the major central banks.
The US Consumer Price Indicator (CPI) for August, which drops at 2:30 p.m., will be closely watched amid fears of prolonged inflation that could rekindle speculation on the timing of any hikes. Federal Reserve rate.
The average of economists’ estimates gives a figure of 8.1% on an annual basis for the main inflation index, after +8.5% in July, which could show that the peak of inflation has been exceeded.
‘Several signals predict a short-term slowdown’, say economists at Oddo BHF, who mainly highlight the decline in prices at the pump.
‘The prices of used cars are falling sharply, as well as the prices of many raw materials’, notes the private bank.
While it still seems too early to anticipate a change in strategy by US central bankers, a decline in inflation could fuel risk appetite.
The CPI compass, especially in its basic version (‘core’) which excludes the most volatile components, could however hold less pleasant surprises.
“If core inflation were to rise again, this would reverse a series of three months of decline and would put a little more pressure on the Fed to toughen its tone at its meeting on September 19”, warns La Financire de l’ Chessboard.
While waiting for US inflation, the market will learn during the morning of the ZEW index of investor sentiment in Germany, which could fuel fears about European growth.
The New York Stock Exchange ended in the green on Monday after a session marked by a return of investors to the values of technology and energy.
On the bond market, the yield on ten-year Treasuries resumed basis points, at 3.36%, but its German equivalent fell back towards 1.65% after rising to 1.75% yesterday.
The dollar, on the other hand, lost ground a few hours after the publication of the American consumer price figures, around 1.0140 against the euro.
Oil prices continue their yo-yo movement after having clearly progressed yesterday on rumors of a possible European embargo on Russian oil products. A barrel of Brent gained 0.1% above 94 dollars and American light crude 0.2% to 87.9 dollars.
In terms of securities, Bouygues Travaux Publics is expanding its offer of infrastructure solutions for offshore wind power, with the exclusive acquisition of the OO-STAR floating base technology, owned by Floating Wind Solutions. This technology makes it possible to adapt to a large number of marine environments, to reduce the carbon footprint of wind farm infrastructure and to reduce operating and maintenance costs.
Aveva is close to reaching an agreement with Schneider according to Sky News. Schneider could take over Aveva based on a valuation of £9 billion.
According to Sky News, the two groups would discuss the acquisition of 40% of Aveva which Schneider does not already own on the basis of a price of more than 30 per share. Schneider already holds 60% of the capital. This amount would value the purchase price of the 40% at approximately £3.5 billion. This agreement should be concluded before September 21 according to banking sources interviewed by Sky News.
Air Liquide announces the sale of its Industrial Merchant activities in Saudi Arabia Abdullah Hashim Industrial Gases & Equipment, a joint venture of Air Products for its Industrial Merchant activity in Saudi Arabia. This disposal is insignificant for the entire scope of Air Liquide in the Africa Middle East and India zone.
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