(Paris) World stock markets are up on Monday, pleased with the lack of surprise in statements by central bankers in Jackson Hole and helped by Chinese government measures targeting financial transactions.
European stock markets rose around 11:40 a.m., although less than at the start of the session: Paris appreciated by 0.70%, Frankfurt by 0.51% and Milan by 0.84%. The London Stock Exchange is closed due to a public holiday.
Asian markets were also dynamic, driven by the decision of the Chinese authorities to reduce stamp duties on stock market transactions for the first time since 2008.
Shanghai’s financial center composite index, the SSE, gained 0.97% after jumping more than 5% in early trade. The Shenzhen Stock Exchange index gained 0.72% and Hong Kong 0.97%.
The Tokyo Stock Exchange gained 1.73%.
“Gains remain precarious,” however, qualified Ipek Ozkardeskaya, analyst at Swissquote, citing the weak economic data in the country. “Chinese corporate profits fell 6.7% last month from a year earlier,” she said, for example.
Since January 1, the Hong Kong Stock Exchange has fallen by 8.3%, that of Shenzhen by 4.3%, while the SSE has gained only 0.3%. These figures contrast with the performance of the main stock market indices in Japan (23%), Europe (Stoxx 50 12.3%) or the United States (S
US markets are expected to open slightly higher according to the futures of major indices, which are gaining around 0.15%.
In the absence of a dense agenda on Monday, investors are rehashing the words of central bankers at the end of last week.
“They reiterated their goal of fighting inflation, while increasingly monitoring the impact of monetary policy on the economy,” said IG analyst Vincent Boy.
The health of the economy is more worrying in the euro zone, which is “starting to make things difficult” for the European Central Bank, he continues. The institution holds its monetary policy meeting on September 14, a week before that of the United States (Fed).
On the Fed side, Jerome Powell’s statement came as little surprise to investors, who were even “reassured” by its predictability, according to analysts at IwaiCosmo Securities.
On the bond market, government interest rates remained stable.
The listing of the highly indebted Chinese promoter Evergrande resumed Monday on the Hong Kong Stock Exchange, where the title fell by nearly 80%, after 17 months of suspension for non-publication of its financial results.
The stock plunged nearly 87% during Monday morning trading, with Evergrande’s market value falling to around $590 million by midday. It peaked at over $50 billion in 2017.
The hottest sectors in Europe on Monday are interest rate-related, such as banking stocks, with gains of 1.83% for Deutsche Bank, 1.97% for Banco Sabadell and 1.54% for BNP Paribas. Tech companies are also doing well: ASML gains 1.57%, Teleperformance 3.08%.
Oil prices fell slightly: the barrel of Brent North Sea fell 0.40% to 84.14 dollars around 7:30 a.m. (Eastern time), while the barrel of American WTI fell 0.23% at $79.65.
The euro rose 0.12% to $1.0809.
Bitcoin was down 0.51% at $25,950.
