The Oslo Stock Exchange
by Blandine Henault
PARIS (Reuters) – The main European stock markets are expected on a cautious note at the opening on Monday, as the People’s Bank of China (PBOC) acted less strongly than expected on its rates despite growing fears for the world’s second largest economy. .
According to the first indications available, the Parisian CAC 40 could gain 0.16% at the opening. Futures are signaling a 0.04% gain for the Dax in Frankfurt, a 0.03% rise for the FTSE in London and a 0.04% decline for the Stoxx 600.
European indices posted a weekly decline last week, battered by fears of a prolonged high rate environment in the United States and worries about the Chinese economy.
The BPC lowered its one-year prime lending rate on Monday but surprised the markets by maintaining the five-year rate, when a reduction was widely expected.
IN ASIA
Stock markets in mainland China fell after the less strong action than expected from the PBC. The composite index of the Shanghai Stock Exchange lost 0.43% and the CSI 300 dropped 0.57%. In Hong Kong, the Hang Seng dropped 1.4%.
The Tokyo Stock Exchange for its part shrugs off the disappointment around the BPC and gains 0.37% near the close on bargain buying after losing 3.15% last week, its worst weekly performance. since the beginning of the year.
AT WALL STREET
The New York Stock Exchange ended in mixed order on Friday, with gains in the defensive and energy sectors offsetting weakness in growth stocks, as investors await Friday’s speech from the chairman of the US Federal Reserve (Fed ), Jerome Powell, at the Jackson Hole symposium.
The Dow Jones index gained 0.07% to 34,500.66 points. The broader S&P-500 ended almost stable (+0.01%), at 4,369.71 points. The Nasdaq Composite fell for its part by 0.20% to 13,290.776 points.
The futures on the three indices signal for the time being a slight decline at the opening on Monday.
RATES/EXCHANGES
The 10-year Treasuries yield rose nearly four basis points to 4.288% after hitting a high since October last week on strong US data that fueled high rate expectations in the US for a while. extended period.
The dollar remains firm against a basket of benchmark currencies, with traders awaiting the Jackson Hole symposium.
The yuan for its part weakened after weaker than expected announcements from the BPC.
OIL
Crude prices are rising, driven by reduced supply with lower exports from Saudi Arabia and Russia offsetting demand concerns related to high rates and a slowing Chinese economy.
The barrel of Brent gained 0.6% to 85.29 dollars and that of American light crude also advanced by 0.6% to 81.75 dollars.
VALUES TO FOLLOW:
NO ECONOMIC INDICATORS ON THE AGENDA FOR AUGUST 21
(Written by Blandine Hénault)