(Reuters) – European stocks ended in mixed order but above their lows for the day, as Wall Street’s resistance to the lackluster forecasts from Apple and especially Amazon gave momentum to the whole equity markets.
In Paris, the CAC 40, which lost nearly 1% at the start of the session, closed with a gain of 0.46% (29.02 points) at 6,273.05. If in London, the FTSE 100 fell by 0.45% with the fall in commodity prices, in Frankfurt, the Dax took 0.24%.
The EuroStoxx 50 index ended up 0.24%, the FTSEurofirst 300 0.14% and the Stoxx 600 0.14%.
At the time of the close in Europe, Wall Street amplified its rebound, the Dow Jones winning nearly 1.9%, the Standard & Poor’s 500 1.45% and the Nasdaq Composite 2%.
Amazon, however, lost 9.41% after saying it expected slower growth during the key holiday season. But Apple took 7.19% and Intel 10.34%, investors favoring the positive elements of their quarterly and their ability to withstand the difficulties of the moment.
The rise in US equities is also based on figures deemed encouraging for US household income and spending, which maintain hopes of a slowdown in core inflation, and on the rise in the Michigan confidence index. .
These indicators suggest that the US economy is currently bearing the impact of the rise in interest rates well, a reassuring five-day outlook for the Federal Reserve’s decisions.
On the other side of the Atlantic, the first inflation figures in France, Italy and Germany confirmed that the trend remained towards an acceleration in the rise in prices.
Over the whole week, the Stoxx 600 posted an increase of 3.65%, its fourth positive weekly performance in a row, and the CAC 40 a gain of 3.94%.
VALUES
In Europe, the meeting was also animated by a new burst of results publications. Sanofi thus gained 3.25%, the biggest rise in the CAC 40 and the EuroStoxx 50, after raising its annual profit forecast while Volkswagen gave up 1.88%, its quarterly profit still below its level. before the pandemic.
Danone (+2.90%), Safran (+2.18%), Airbus 3.35% and Electrolux (+5.04%) saw their results welcomed.
In contrast, Air France-KLM fell 13.27%, as disruptions at airports forced it to limit its supply, obscuring solid results.
RATE
Inflation figures from France, Italy and Germany helped eurozone government bond yields rebound after four straight sessions of sharp declines: that of the ten-year German Bund, which had fallen more 45 basis points since Monday morning, took over just over nine to 2.091%.
In the US market, the rise in yields is further supported by the PCE price index figures, which suggest that inflationary pressures remain elevated.
The ten-year rose to 3.9854% and the two-year gained more than six basis points to 4.3915%.
CHANGES
The PCE inflation figures also provide support for the dollar, which appreciated by 0.29% against a basket of benchmark currencies.
The euro fell 0.22% to $0.994. The yen, he lost 0.83% to 147.49 after the decision of the Bank of Japan (BoJ) to maintain its ultra-accommodating policy.
OIL
The oil market is once again suffering from fears of falling Chinese demand, fueled by the latest available figures on COVID-19 cases in the country, which raise fears of a continuation of strict health restrictions.
Brent fell 1.3% to 95.70 dollars a barrel and US light crude (West Texas Intermediate, WTI) also lost 1.3% to 87.92 dollars.
TO BE FOLLOWED ON MONDAY:
The last session of October will be animated, among other things, by the first figures for inflation in the euro zone in October and for the gross domestic product (GDP) of the 19 in the third quarter.
(Written by Marc Angrand)
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