by Laetitia Volga
PARIS (Reuters) – Wall Street is expected to rise and European stock markets move in dispersed order mid-session on Friday pending the publication of producer price figures in the United States, a new test for the markets before the meetings of the big central banks next week.
Futures contracts are signaling a gain of 0.19% for the Dow Jones, 0.3% for the Standard & Poor’s-500 and 0.39% for the Nasdaq.
In Paris, the CAC 40 gained 0.03% to 6,649.39 at 12:13 GMT. In Frankfurt, the Dax takes 0.31% and in London, the FTSE yields 0.1%, .
The pan-European FTSEurofirst 300 index advanced by 0.4%, the EuroStoxx 50 of the euro zone by 0.13% and the Stoxx 600 by 0.33%.
The latter is therefore moving forward after falling 1.9% over the last five sessions and reaching its lowest level in more than two weeks.
General sentiment is fueled by inflation data from China after reports of slower consumer price inflation and lower producer prices in November.
But investors are not getting carried away, with monetary policy meetings next week, including those of the US Federal Reserve, European Central Bank and Bank of England urging caution.
In the immediate future, the markets will closely follow the publication at 1:30 p.m. GMT of the monthly figures for producer prices in the United States. Economists polled by Reuters on average forecast an increase of 7.2% over one year after 8.0% in October.
“If price growth did indeed slow last month – which would presage a slowdown in consumer prices – risk assets could erase some of the week’s losses and the S&P-500 climb back above 4,000.” , said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.
VALUES IN EUROPE
A majority of European sectors progressed at halftime of the session. That of construction gains 1.31% but the energy compartment gives up 0.98%.
Saint-Gobain advances by 2.57% while TotalEnergies, Shell and BP yield from 1.2% to 1.9%.
Worldline lost 4.82%, penalized by the downgrading of JPMorgan’s recommendation to “neutral”.
The pharmaceutical group Ipsen drops 3.45% after the announcement of disappointing results of a study on the association of Cabometyx with atezolizumab to treat a form of lung cancer.
RATES/EXCHANGES
In the bond market, the yield on ten-year US Treasuries was virtually unchanged at 3.4924%. That of the German Bund of the same maturity, at 1.879%, gained more than five basis points.
On the currency side, the dollar depreciated by 0.09% against a basket of reference currencies. The euro is stable for its part at 1.0554 dollars.
OIL
Oil prices, despite the day’s advance, are heading for a week-long loss on concerns over weak economic prospects in China, Europe and the US.
Brent rose to 76.12 dollars a barrel and American light crude (West Texas Intermediate, WTI) gained 0.5% to 71.82 dollars.
(Laetitia Volga, editing by Kate Entringer)