World stock markets mark time ahead of US inflation

Paris (awp/afp) – Global stock markets were trending lower on Tuesday, following the loss of momentum on Wall Street due to a drop in tech and in anticipation of the highly scrutinized publication of US inflation on Wednesday .

The European stock markets fluctuated without vigor around 07:30 GMT: Frankfurt was down 0.34%, while Paris (-0.07%), London (-0.01%) and Milan (+0.07%) were almost stable.

In Asia, Tokyo lost 0.88%, Shanghai gained 0.32% and Hong Kong lost 0.13% in the latest trade.

Monday, the three indices of the New York Stock Exchange concluded in dispersed order not far from equilibrium, the disappointing results of the manufacturer of microprocessors Nvidia having cast a chill on American tech and caused a slight decline in the Nasdaq.

Nvidia reported a “significant downturn on the gaming side” in the second quarter.

This week, it is the consumer price index (CPI) for July in the United States that is attracting all the attention of investors, as it could set the tone for the future attitude of the American Central Bank, the Fed.

“Investors are confident that inflation in the United States may have peaked last month,” according to Ipek Ozkardeskaya, analyst at SwissQuote, citing “the New York Fed’s survey of consumer expectations which showed a sharp drop in inflation forecasts in July.”

The projections bet on a slowdown in the rise in prices in the United States to +0.2% over the month – against +1.3% in June – and 9.1% over one year, which could finally suggest that the inflation has peaked.

“A number in line with expectations, or ideally lower, should calm Fed rate hike expectations, while a better-than-expected number, or God forbid, above the 9.1% for the month last, would cause a new shock wave on the market”, warns Ipek Ozkardeskaya.

However, she remains optimistic, “because lower energy and commodity prices should have a slowing effect on price increases, but rising labor costs could keep inflation at low levels. undesirable high levels”.

In the bond market, sovereign borrowing rates were stable around 0730 GMT. They had jumped on Friday following stronger than expected data on the US labor market, suggesting a sharp hike in Fed rates, before easing slightly on Monday.

Continental does not hold water in the 2nd quarter

German automotive supplier Continental on Tuesday reported a net loss of 251 million euros, as well as a drop in its margin, in the second quarter, a period marked by “turbulent market conditions”, according to the group’s press release. Continental nevertheless said it was “optimistic” for the second half and confirmed its annual forecasts. Its action lost 2.36% in Frankfurt.

Dufry climbs the slope

Swiss duty-free operator Dufry, which plans to merge with Italy’s Autogrill, reported sharply higher first-half sales on Tuesday, gradually approaching pre-pandemic levels. The Dufry title rose 3% in Zurich.

On the side of oil, the euro and bitcoin

Oil prices were down around 7:30 GMT on Tuesday.

The barrel of Brent from the North Sea for delivery in October fell 0.81% to 95.86 dollars. That of West Texas Intermediate (WTI) US for delivery in September yielded 1.04% to 89.82 dollars.

The euro stabilized (+0.06%) against the greenback, at 1.0202 dollars.

Bitcoin fell 0.95% to $23,845.


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