(Paris) Stock markets are moving in the green on Thursday, showing optimism thanks to the easing of tensions concerning banks and after encouraging figures on inflation in Europe.
The European places chained a fourth session of consecutive increase: Paris took 1.06% and the Dax of Frankfurt gained 1.26%. These two indices both return close to their level before the banking shock. London advanced 0.74% and Milan 1.05%. Over the first four sessions of the week, they gain between 2.9% and 4.4%.
Wall Street is progressing, but without euphoria. The Dow Jones gained 0.06%, the S
Given the timing of data released Thursday and due Friday, attention turns to the main theme in the markets for over a year: inflation.
First good news for investors: it fell significantly in Germany in March, to 7.4% over one year, and to 3.3% in Spain, against 6% in February, due to a drop in oil prices. ‘energy.
France will announce its estimate on Friday, with an expected decline to 5.5% over one year by analysts polled by Factset, before Eurostat also publishes its indicator for the euro zone.
On the bond market, rates in European countries are rising, particularly on short-term maturities, while those in the United States are fairly stable.
Friday in the United States will also be published the PCE index, the benchmark inflation indicator for the American central bank. US GDP (gross domestic product) growth in the fourth quarter of 2022 was also revised down on Thursday, for the second time, to 2.6% at an annualized rate.
In both Europe and the United States, inflation remains well above the central banks’ 2% target, which could push them to raise their key rates further.
“On both sides of the Atlantic [the ECB and the Fed] are in the process of measuring their rate hikes, to avoid adding danger to the balance of the banking sector,” said Philippe Cohen, portfolio manager at Kiplink Finance. .
The collapse of US bank SVB and the takeover of troubled Swiss bank Credit Suisse by UBS were “a significant wake-up call”, he said. “There is a lull, but it could start again at any time,” warns the expert.
European bank stocks continued to rally. The Swiss UBS (3.40%) and Credit Suisse (1.53%) gained. In Frankfurt, Deutsche Bank gained 1.73%, Commerzbank 3.15%. Societe Generale took 3.20% in Paris and BNP Paribas 2.17%. The increase was also observed for Unicredit (1.50%), Banco Sabadell (2.14%) and Lloyds (1.37%).
In New York, the situation is more mixed with increases for Goldman Sachs (0.32%) and Citigroup (0.30%), but declines for Wells Fargo (-0.63%), JPMorgan (-0.35 %) and First Republic (2.42%).
Swedish clothing giant H
In London, Ocado took 9.29% and JD Sports 4.34%. In Frankfurt, Adidas gained 5.86% and Zalando 5.33%.
Oil prices are moving up slightly on Thursday, pushed by signs of increased demand from the United States, the blockage of supplies from northern Iraq, but also by the possible drop in supply Russian.
A barrel of Brent North Sea oil for May delivery was up 1.01% at $79.07 around 11:45 a.m. EST. Its American equivalent, a barrel of West Texas Intermediate (WTI), for delivery the same month, gained 1.62% to 74.17 dollars.
The pound sterling gained 0.46% to 1.2371 dollars per pound, after its highest since early February. The euro also strengthened against the greenback (0.49% to 1.0898 dollars).
Bitcoin was down 0.26% at $28,310.
