Oil traders will pay particular attention to the meeting of OPEC+, which brings together the cartel of exporting countries and its allies. While many leaders hope that the group will increase production of the black gold to bring down prices, reports predict that supply will remain at the same level. A slight increase could however be discussed. In the United States, operators will analyze the level of crude oil inventories which should have fallen by 467,000 barrels last week (against a decrease of 4.25 million seven days before).
Services down?
Last Monday, the final S&P PMI indices have already marked a decline in manufacturing activity in eurozonefor the first time since 2020. This Wednesday, investors will know whether this decline will also affect the Non-manufacturing and composite PMI. The preliminary estimate showed a further dip in confidence among monetary union purchasing managers in July, with the index falling to 50.6 in services and 49.4 in composites. In Germany, the service industry is bearing the brunt of labor shortages, as well as the adverse effects of inflation on household consumption. The final PMI is therefore expected at 49.2 in July (52.4 in June), ie below the 50 point threshold, synonymous with a contraction in activity. The France is facing similar problems but, despite a stronger than expected decline, activity remains expanding with an expected final index of 52.1 points in services (53.9 the previous month).
On the other side of the Atlantic, investors will learn about the ISM services index (also studying the confidence of purchasing managers), published at 4 p.m. It could reach a low level since May 2020, falling to 53.5 points in July, against 55.3 in June. Still in the United States this time on the industry side, the market will peel the new factory orders which, after rising 1.6% in May, could rise again by 1.2% in June. The final number of durable goods orders should confirm the first estimate which reported an increase of 1.9% for the month of June.
On the Paris Stock Exchange, no less than three Cac 40 companies will reveal their results for the first half (see table below). The place will also scan the publications of other important companies such as ALD, believe (after stock exchange), Criteoand Pharmagest Interactive.
| Axa | Investors will be attentive to the drop in the exposure of the American subsidiary Axa XL to natural disasters |
| Societe Generale | In addition to the results, in loss due to Russia, tangible return on equity objectives by 2025 are expected |
| Veolia Environment | Monitor the confirmation of 2022 objectives in a deteriorating economy: “solid” internal growth and current net profit of 1.1 billion euros |
Still in Europe but in Frankfurt this time, the operators will dissect the accounts for the second quarter of BMW, Vonovia and Siemens Healthineers. In New York, the laboratory Moderna will publish its quarterlies just like the publisher nintendo in Tokyo.