(Paris) The mood is expectant on global stock markets on Wednesday, ahead of the release of “Fed Minutes”, as concerns about the Chinese economy eclipse strong indicators in Europe and the United States. United.
In Europe, the Paris Stock Exchange fell slightly by 0.10%, London by 0.44%, Milan by 0.93%, while Frankfurt gained 0.14%.
Wall Street is moving in scattered order: around 9:50 a.m. (Eastern time) the Dow Jones gained 0.12%, the S
US indices are dominated by a wait-and-see attitude ahead of the 2:00 p.m. EST release of “Fed Minutes,” the minutes of the U.S. central bank’s latest meeting.
“Markets have been carried lately by the idea that there will be no more rate hikes this year and investors would like to see this confirmed in the Fed minutes”, explains Vincent Juvyns, member of the strategy team at JPMorgan AM.
On the positive side, industrial production picked up again in the United States in July and housing starts rose 3.9%. In the eurozone, industrial production figures for June and second-quarter growth figures came in line with expectations, reports Vincent Juvyns.
On Tuesday, a member of the US Federal Reserve said it was still too early to declare victory over inflation and end the cycle of interest rate hikes, while acknowledging that inflation was now moving in the right way.
In the United Kingdom, the pound sterling and bond rates rose after the announcement of a sharp slowdown in inflation in July, to 6.8% over one year against 7.9% in June.
Despite this sharp drop, “yesterday’s strong wage growth and resilient services consumer price index data today will likely push the Bank of England, in our view, to proceed with two hikes extra,” comment European economists at Nomura Bank.
The British currency took 0.37% against the greenback, at 1.2752 dollars for one pound, and climbed 0.39% against the euro at 85.50 pence for one euro, around 11:50 a.m. (local time). from the east).
The interest rate on the British 10-year bond stood at 4.64%, down from 4.59% at the close the previous day.
Chinese economic activity also continues to worry investors, between disappointing macroeconomic data and concerns about the real estate sector.
One of China’s largest real estate groups, Country Garden, whose astronomical indebtedness is worrying the markets, warned on Wednesday that “considerable uncertainties” weighed on its repayments.
Driven by rising prices, the Danish brewer Carlsberg, which is struggling to get out of Russia, announced on Wednesday a net profit of 3.5 billion crowns (469 million euros) in the first half. Its stock lost 1.96% in Copenhagen.
Department store stock Target rose 2.85% on Wall Street after posting better-than-expected earnings per share on quarterly revenue that nonetheless fell.
Oil prices stabilized on Wednesday, amid concerns about Chinese demand and tight supply. U.S. weekly crude oil commercial reserves fell by 6 million barrels, more than analysts expected.
Around 11:50 a.m. (Eastern time), a barrel of Brent from the North Sea, for delivery in October, lost 0.16% to 84.76 dollars, and its American equivalent, a barrel of West Texas Intermediate ( WTI), for September delivery, fell 0.28% to $80.73.
The ruble rose 3.83% to 94.46 rubles to the dollar, buoyed by Tuesday’s announcement of a key rate hike by the Russian Central Bank.