Little surprise on reading the most important figures of the day, those of inflation in Germany in preliminary data for August. For the month that is ending, consumer prices rose by 8.8% year on year in harmonized data from the European Union. This is 0.3 point more than July’s inflation, but the data is perfectly in line with consensus expectations. The small downside comes from the non-harmonised figures, with a 7.9% rise in prices over one year, or 0.1 point more than expectations. But over one month, they increased by 0.3%, against a consensus of +0.4%.
” Germany’s inflation rate resumed its upward trend in Augustanalyzes Andrew Kenningham, of Capital Economics. We expect it to be around or above 10% in October after the removal of temporary measures that have lowered prices since June and the introduction of a gas tax. Moreover, the underlying price pressures are still very strong. »
The statistic was released early in the morning in Spain. In August, inflation also came out in line with expectations, at 10.3% over one year, down 0.3 points from July’s 10.7%, but consumer prices increased by 6.4% excluding volatile elements, above the 6.1% of the previous month.
Leading banks
On the fait accompli, the Paris Bourse now relies on Wall Street, where the major indices fail to rebound, which weighs mechanically in Europe. Around 4:15 p.m., the Bedroom 40 lost 0.18% to 6,210.95 points, after gaining 1.3% at the height of the session. Trading volumes remain low, at around 1.3 billion euros. BNP Paribas, Societe Generale and Agricultural credit earn almost 2%. Large industrialists like Alstom, Saint Gobain, Great and Schneider-Electric are also among the highest increases of the day.
Conversely, Crossroads, the bottom of the index, lost 2.3% after a deterioration of JPMorgan, which went from “outperformance” to “neutral”. The return of the barrel of Brent on the 100 dollars pushes back TotalEnergies by 3%.
“The summer recovery was short-lived”
On Wall Street, if the futures contracts pointed to an initial rebound, it is ultimately far from being the case in the first exchanges. the Dow Jones yields 0.5%, the S&P500 loses 0.22% and the Nasdaq Composite is stable. The main statistic of the day had little effect. In August, US consumer confidence, as calculated by the Conference Board, rebounded more strongly than expected, to 103.2 points, against 98 expected and 95.7 points in July.
A lot of caution indeed. ” Investors have now accepted the idea that the Fed wants to rein in inflation hard, even though recent data suggests that it is starting to fallsaid Rod von Lipsey, managing director of UBS Private Wealth Management. We believe the market’s summer rally was short-lived and continue to advise investors to remain selective and focus on defensive sectors like healthcare and dividend-paying stocks. “.