Forget the “Jerome Powell” disappointment! On Friday, the equity markets were seized by a veritable wind of madness. The current of purchases, already observed on Tuesday, suddenly accelerated, after two hesitant days, while rumors of the imminent reopening of the second world economy are becoming more and more persistent. ” What we assume is that [le pays] will model its reopening on the Hong Kong model”, said this morning, on Bloomberg, Jack Siu, director of Greater China investments at Credit Suisse. Before relativizing: To fully reopen, it will take at least another nine months. »
The sought-after Chinese tech
The market, galvanized by what is only a rumor, surged, like the Bedroom 40, which ended the session at 6,416.44 points, a gain of 2.77%, after a jump of 3.57% at the height of the day. The business volume totals 4.5 billion euros. across the Atlantic, the Dow Jones and the Nasdaq Composite progress more sluggishly by 0.35% and 0.1% at a time when Europe is closing its doors. Asia preceded them. the Chinese CSI 300 took more than 3%, the Hang Seng in Hong Kong more than 5%.
This last index benefited from a second rumor, that according to which the American auditors responsible for collecting documents on Chinese companies listed on Wall Street succeeded in their mission. According to the financial press agency Bloomberg, they should fly back this weekend, before the date initially planned. On Wall Street, the Chinese Internet giant Ali Baba took the opportunity to take 7%. The title had jumped nearly 11% in Hong Kong.
More job creations than expected in the United States
In such a context, the official report of the Bureau of Labor Statistics (BLS), published at the beginning of the afternoon on Friday, had no particular impact, especially since it only confirms the solidity of the labor market. In October, the United States created 261,000 jobs in the non-farm sector, against 193,000 expected by Bloomberg and 315,000 in September (revised from 263,000). The rate of unemployment increased slightly by 0.2 points to 3.7% (against 3.6% estimated), and the average hourly wage rose by 0.4% over one month (+0.3% expected) and by 4 .7% over one year, as expected. This report gives arguments both to the partisans of a hard line of the American Federal Reserve and to those wishing to slow down the rate of rise in the cost of money. ” Nonetheless, the labor market has held up better than expected this year, and with wage growth still too high for the Fed, there is no sign that officials will abandon their hawkish bias anytime soon. says Michael Pearce, senior US economist at Capital Economics. The statistics therefore do not change the situation regarding a rate hike: 50 or 75 basis points in December, the question remains unanswered. ” The next major economic indicator likely to move the slider for the Fed is the Consumer Price Index next week. recalls Jackson Pride, from Glenmede.
In terms of values, luxury shone this weekend, supported by rumors of deconfinement in China. LVMH, Hermes and Kering won between 3.71% and 7.07%. Air carriers have also gained altitude, such asAir France-KLM (+2.23%) while Beijing could end the ban on airlines carrying Covid-19 positive people on its territory, thus drawing inspiration from a similar decision adopted by Hong Kong in July. Values related to raw materials are also circled. Erametfor example, climbed 10.01%.
Socgen and Teleperformance carried by their quarterly
Societe Generale (+2.55%) which unveiled its accounts as of September 30, exceeded expectations, supported by its trading activities which benefited from market volatility. Net profit came to 1.5 billion euros (-6.4?%).
Also surrounded, Teleperformance took 3.37%. The outsourced customer service management specialist has recorded a growth of 17.2% to more than 2 billion euros in sales in the third quarterallowing it to raise its ambitions for the entire year.
Single drop in the Cac 40, Thales lost 2.6%, weighed down by the drop of more than 7% in Leonardo on the Milan Stock Exchange. While the third quarter accounts were better than expected for the Italian group, analysts are concerned about the impact of the inflation peak expected in 2023 when 70% of the order book is based on firm selling prices and fixed.