by Claude Chendjou
PARIS (Reuters) – Wall Street is expected to see slight variations at the opening on Tuesday and European stock markets posted slight gains at mid-session, investors awaiting the intervention of Jerome Powell, the chairman of the US Federal Reserve (Fed) before Congress. New York index futures are signaling an opening on Wall Street down 0.04% for the Dow Jones, but up 0.11% for the Standard & Poor’s 500 and 0.22% for the Nasdaq. Paris, the CAC 40 advances by 0.13% to 7,382.85 points around 12:40 GMT. In Frankfurt, the Dax took 0.14% and in London, the FTSE gained 0.26%.
The pan-European FTSEurofirst 300 index gained 0.02% and the Stoxx 600 0.03%. The EuroStoxx 50 of the euro zone, on the other hand, yields 0.07%
Jerome Powell is due to speak at 3:00 p.m. GMT on Tuesday before the Senate Banking Committee and some analysts, such as Craig Erlam of Oanda, hope he will back up his February 1 statement that the disinflation process has started, at the risk of scaring off the markets.
Recent economic data and comments from Fed officials, however, have prompted traders to reassess their US interest rate trajectory. The probability of a 50 basis point rise in the cost of credit this month is now 28%, while the peak in rates is seen at 5.46% by September, according to CME Group’s Fedwatch Barometer .
“In our view, the bar for re-accelerating the pace of rate hikes is high and the Fed would prefer a less aggressive path and a continuation of its restrictive policy longer, if necessary,” write the analysts at Unicredit.LES VALUES TO FOLLOW ON WALL STREET
Meta Platforms advances 1.6% in trading ahead of the opening of Wall Street, the group will further cut thousands of jobs this week after already cutting its workforce by more than 11,000 people, the Bloomberg agency reported on Monday. .
VALUES IN EUROPE
In Europe, sectoral variations are weak, the increase being fueled mainly by defensive compartments such as health (+0.62%) and utilities (+0.55%).
In Paris Sanofi is in the lead with a gain of 1.33%, while STMicroelectronics brings up the rear with a drop of 0.94%.
Elsewhere in Europe, the brewer Carlsberg fell 0.35% in reaction to the announcement of the resignation of its general manager Cees’t Hart, while the German consumer goods group Henkel lost 2.11% after a forecast of organic sales considered disappointing for this year.
Zalando, which on the other hand reassured on its long-term margin forecast, takes 1.07%.
RATE
The yield on ten-year Treasuries fell more than four basis points to 3.94% before Jerome Powell’s intervention.
The trend is identical in Europe where the ten-year German Bund yield fell 4.3 points to 2.68%.
CHANGES
At foreign exchange, the dollar rose by 0.22% against a basket of reference currencies. However, the greenback is down 0.6% since the beginning of the month after gaining 2.8% in February.
The Australian dollar, for its part, fell to 0.6679 US dollars (-0.79%) on Monday, the lowest since the end of December, after the unsurprising decision of the RBA, the Australian central bank, to raise its rate. 25 basis points to 3.60%, while hinting that the end of the monetary tightening cycle was near.
The euro is trading at 1.0659 dollars, down 0.18%.
OIL
Oil prices are falling after five consecutive sessions of gains as general imports by China, the world’s largest consumer of crude oil, contracted in February by 10.2%, data showed on Tuesday.
Brent lost 0.74% to 85.54 dollars a barrel and US light crude (West Texas Intermediate, WTI) 0.77% to 79.84 dollars.
NO MAJOR ECONOMIC INDICATOR ON TODAY’S AGENDA
THE MARKET SITUATION:
(Some data may show a slight shift)
WALL STREET
Indices Last Var. Var. %
points
Dow Jones 33450.0 -1.00 -0.00%
0
S&P-500 4056.00 +3.50 +0.09%
Nasdaq-100 12346.0 +22.50 +0.18%
0
“The Day Ahead” – The point on the next
session on wall street [DAY/US]
The session
former :
Closing Indices Var. Var. %YTD
points
Dow Jones 33431.4 +40.47 +0.12% +0.86%
4
S&P-500 4048.42 +64.33 +1.61% +5.44%
Nasdaq 11675.7 -13.27 -0.11% +11.55%
4
Nasdaq 100 12,302.4 +11.68 +0.10% +12.46%
8
MARKETS
EUROPEANS
Indices Last Var. Var. %YTD
points
Eurofirst 300 1830.12 +0.07 +0.00% +9.04%
Eurostoxx 50 4307.91 -5.87 -0.14% +13.56%
CAC 40 7,376.81 +3.60 +0.05% +13.95%
Dax 30 15,664.1 +10.61 +0.07% +12.50%
9
FTSE 7953.49 +23.70 +0.30% +6.73%
SMI 11138.1 -9.13 -0.08% +3.81%
2
The values to follow in Paris and in
Europe: [WATCH/LFR]
CHANGES
Standby Price Var.% YTD
Euro/Dlr 1.0663 1.0678 -0.14% -0.36%
DLR/Yen 136.16 135.91 +0.18% +3.85%
Euro/Yen 145.21 145.17 +0.03% +3.50%
Dlr/CHF 0.9336 0.9307 +0.31% +1.00%
Euro/CHF 0.9957 0.9942 +0.15% +0.63%
Stg/Dlr 1.1990 1.2021 -0.26% -0.88%
Index $ 104.541 104.350 +0.18% +8.70%
0 0
RATE
Last Var. Spread/Bund
(pts)
Future Bunds 132.250 +0.3900
0
10-year bunds 2.6770 -0.0500
Bund 2 years 3.2650 -0.0410
10-year OATs 3.1710 -0.0530 +49.40
10-year Treasury 3.9382 -0.0450
Treasury 2 years 4.8716 -0.0220
OIL
(in dollars) Preceding Price Var Var. %YTD
nt
US light crude 79.93 80.46 -0.53 -0.66% +30.58%
Brent 85.62 86.18 -0.56 -0.65% +29.67%
(Written by Claude Chendjou, edited by Kate Entringer)
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