(CercleFinance.com) – The European stock markets are gray this Wednesday (-0.7% in London, -0.6% in Paris, -0.2% in Frankfurt), in a marked context, in Europe as in the States United States, by tensions on the bond markets.
“Yields on 10-year US Treasury bonds rose by 8.3 basis points on Tuesday, to nearly 4.26%”, recalled this morning Deutsche Bank, which also pointed to an uptrend on German Bunds, OATs French and Italian construction companies.
These pressures on rates reflected concerns about inflation, reinforced in particular by the high levels reached recently by oil prices, enough to dissuade hopes of an easing of monetary policies.
On the daily macro data front, German factory orders fell 11.7% in July (after jumping 7.6% the previous month), but excluding large orders, they rose by 0.3%.
“However, it would certainly be too early to deduce a sustained stabilization of orders,” warns Commerzbank, recalling that the PMI and Ifo indices raise fears of a further decline in orders in the coming months.
Another statistic from the morning, seasonally adjusted retail sales volume fell 0.2% in the eurozone and 0.3% in the EU in July compared to the previous month, according to data. Eurostat estimates.
‘High interest rates and stagnating real incomes are expected to continue to limit households’ ability to spend. As a result, we expect consumption to decline in the second half of this year’, according to Capital Economics.
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