(Paris) Global markets had a flat session on Monday, pausing after a month of July that was broadly positive for stock indices, thanks to corporate results and resistance. economy.
Paris gained 0.29% and Milan 0.49%. London ended close to balance (0.07%) and at a two-month high, while Frankfurt lost 0.14% after recording a new session record at 16,528.97 points.
Over the month, the four stock markets gained between 1.3% and 5%, supported by company results and “macroeconomic trends”, according to Vincent Juvyns, member of the JPMorgan AM strategy team, who particularly underlines the resilience of the US economy.
Wall Street ended a sharply positive July with modest gains, the fifth month in a row in the green for the broader S index
The market is expecting new results from major US companies this week, including Apple and Amazon on Thursday, as well as economic indicators, primarily July jobs numbers on Friday.
The Dow Jones Index gained 0.28%, the NASDAQ advanced 0.21% and the S
During Monday’s session, Vincent Juvyns did not denote a significant “catalytic element”.
Even the Chinese government’s announcement of a 20-point plan to boost consumption has not elicited a significant reaction from markets, which prefer to wait “to see how things turn out”, according to Vincent Juvyns.
“Caution prevails among investors when it comes to Chinese assets,” he adds, saying “Chinese authorities have lost investor confidence.”
In the euro zone, economic growth rebounded very slightly in the second quarter (0.3%), after having stagnated over the first three months of the year, and inflation slowed to 5.3% in July, against 5. 5% in June.
Core inflation (which excludes energy and food) stands at 5.5%, figures in line with forecasts by analysts polled by Factset.
In the bond market, European government borrowing rates were stable and the euro was stable (0.03%) at $1.1019.
“The markets are aware that underlying inflation remains supported by rising wages and therefore the ECB will probably have to continue to tighten its monetary policy”, comments Vincent Juvyns. “And going forward, markets are expecting high rates possibly longer.”
Dutch brewer Heineken fell 7.97% in Amsterdam after reporting a 5.6% drop in beer sales and an 8.6% drop in first-half net profit on Monday.
Portuguese oil and gas group Galp Energia reported a slight 3% decline in second-quarter net profit on Monday, amid “less favorable oil prices”. Its results are nevertheless better than anticipated by analysts, the action rose by 4.45% in Lisbon.
Chevron oil tanker stock (3.02%) benefited from a positive rating from Goldman Sachs.
The whole sector has benefited from the rise in oil prices.
TotalEnergies took 1.51% in Paris, BP 1.60% and Shell 1.05% in London. In New York, ExxonMobil and Schlumberger took 2.96% and 2.08% respectively.
The price of a barrel of Brent from the North Sea for delivery in September, of which it was the last trading day, rose 0.67%, to close at 85.56 dollars.
Its American equivalent, the barrel of West Texas Intermediate (WTI) of the same maturity, gained 1.51%, to 81.80 dollars.
Oil prices are trading at their highest level in three months, pushed by market expectations of an extension of Saudi production cuts until September.