PARIS (Reuters) – Wall Street is expected to rise on Friday the day after its best session in more than two and a half years and the European stock markets, except for London, rose mid-session, the announcement of a relaxation of anti-sanitary restrictions. -COVID in China prolonging the renewed appetite for risk caused by the figures deemed reassuring for US inflation.
Futures contracts on the main New York indices so far suggest an increase of 0.46% for the Dow Jones, 0.4% for the Standard & Poor’s 500 and 0.5% for the Nasdaq.
In Paris, the CAC 40 gains 0.33% to 6,578.73 points around 12:00 GMT, the highest since August 17, and in Frankfurt, the Dax advances by 0.55%, while in London, the FTSE 100 lost 0.37% after the announcement of a contraction in the British economy in the third quarter.
The EuroStoxx 50 index is up 0.64% while the FTSEurofirst 300 and the Stoxx 600 are practically stable.
The latter has so far posted an increase of nearly 3.7% over the week as a whole, its fourth positive weekly performance in a row.
The latest news from Beijing has reassured investors as the Chinese authorities have decided to ease some of the health restrictions aimed at curbing the COVID-19 epidemic, including a reduction in the duration of the mandatory quarantine for travelers. arriving in the country.
But the main support for the stock market trend remains the slowdown in US inflation, which gives hope for a slightly less restrictive policy on the part of the Federal Reserve in the months to come.
“A number of Fed officials are starting to talk about a slowdown and the markets are leaning on that to embed some sort of ‘pivot’ but that’s not going to happen anytime soon,” said CMC chief analyst Mike Hewson. Markets.
VALUES IN EUROPE
The easing of Chinese health restrictions, which should encourage the recovery in demand, is benefiting, among other things, the commodities sector, whose Stoxx index is up 2.11%, and luxury stocks such as LVMH (+1.94 %) or Kering (+1.37%).
The latter also benefit from the impetus given by the Swiss Richemont, which jumped 9.2% after quarterly results driven by its jewelry sales.
In Paris, Casino wins 13.52% after the announcement Thursday evening of a 62% increase in its Ebitda in the third quarter compared to the corresponding period of last year,
Down, Thales yields 6.35%, affected by information from franceinfo according to which hacked group data has been published on the “dark web”.
RATE
After the spectacular fall which greeted the US inflation figures on Thursday, bond yields are rising again but in much more limited proportions: the ten-year German, which had fallen by 17.5 basis points, is recovering six at 2.09%.
US bond markets will remain closed for Veterans Day. The ten-year American fell 32 basis points on Thursday, the most unseen for more than 13 years, to return to 3.8106%, its lowest level since October 7.
CHANGES
The dollar widens its losses on the prospect of a slowdown in the rise in US interest rates: the index measuring its fluctuations against a basket of reference currencies falls by 1.03% after a fall of 2.12 % Thursday, the heaviest suffered in a single session for nearly seven years.
The euro, for its part, gained another 0.73% to 1.0283 dollars, its best level against the greenback since August 12.
The pound rose 0.37% against the dollar and 0.4% against the euro after the first estimate of British gross domestic product (GDP) in the third quarter, which showed a contraction of 0.2%, less marked than anticipated.
OIL
The evolution of Chinese health policy provides additional support for oil, which adds to the beneficial effect of the falling dollar.
Brent thus gained 3.02% to 96.50 dollars a barrel and American light crude (West Texas Intermediate, WTI) 3.34% to 89.36 dollars.
(Written by Marc Angrand)