(Paris) During a session poor in indicators, world stock markets are up on Monday, focused on the measures announced by the Chinese government targeting financial transactions and by the meeting between Chinese and American Trade representatives.
European stock markets ended in the green: Paris gained 1.32%, Frankfurt 1.03% and Milan 1.19%. The London Stock Exchange was closed due to a UK bank holiday.
In New York, Wall Street indices continue to rise. By 12 p.m. EST, the Dow Jones gained 0.52%, the NASDAQ 0.40% and the S
The decision by Chinese authorities to reduce stamp duties on stock transactions for the first time since 2008 allowed Asian markets to end Monday’s session on the rise. This momentum continued in the western squares.
Especially since China and the United States agreed on Monday to set up a working group to “seek solutions on trade and investment issues”, according to the US Department of Commerce. A first meeting of this group is scheduled for early 2024 in the United States.
“This is the important catalyst of the day,” Édouard de Kerhor, financial investment expert at Milleis Banque, told AFP. Even if “nobody is fooled: the exchanges (between the two largest world economies, editor’s note) were quite tense”, despite a shared desire for appeasement, he noted.
Illustration of the attention paid to it by investors, on Wall Street, the Chinese giant Alibaba listed in New York rose by 2.59%, around 12 p.m. (Eastern time), a dynamic shared by others from his compatriots.
In the absence of a dense agenda on Monday, investors are also rehashing the unsurprising remarks of central bankers at the end of last week. “Nothing unexpected: a firm tone that remains cautious,” de Kerhor summed up, as central banks continue their fight against inflation while being increasingly vigilant about the impact on the economy rate hikes.
This attention is particularly strong in the Eurozone, where a slowing economy is “bad news which may also mean that Europe is closer to the end of the rate hike, good news for markets,” according to Mr. de Kerhor.
The institution will hold its next monetary policy meeting on September 14, a week before that of the American central bank (Fed).
Luxury stocks in France and Europe have moved higher, driven by news from China, one of their main markets: measures regarding stock market transactions on the one hand, the agreement between China and the United States on the other hand. ‘somewhere else.
In Paris, Hermès took 1.89%, LVMH 1.68% and Kering 1.39%. The Swiss Richemont gained 1.34% and the Italian Salvatore Ferragamo 0.92%.
The hottest sectors in Europe on Monday were interest rate related, such as banking stocks, with closing gains of 2.38% for Deutsche Bank, 2.04% for BNP Paribas and 2.02% for Bank Sabadell. Tech companies were also doing well: ASML gained 2.07% and Teleperformance 5.10%.
The American industrial conglomerate 3m climbed 4.91% on the New York Stock Exchange. The group has reached a settlement for more than 5.5 billion dollars (5.09 billion euros) putting an end to accusations by thousands of members of the American armed forces that 3m had supplied faulty earplugs , according to information from the American press.
Oil prices rose slightly: a barrel of Brent from the North Sea climbed 0.07% to 84.54 dollars, around 11:50 a.m. (Eastern time), while a barrel of American WTI gained 0.36 % at $80.12.
The euro rose 0.11% to $1.0808.
Bitcoin was stable (0.01%) at $26,085.