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MARKET REVIEWS. Western stock markets lacked momentum on Monday after several weeks of solid increases and no longer benefited from the prospect of a reopening of the Chinese economy, which nevertheless allowed Hong Kong to jump 4.5%.
Stock market indices at 8:15 a.m.
The futures contracts Dow Jones fell 162.00 points (-0.47%) to 34,297.00 points. The futures contracts S&P500 fell by 20.75 points (-0.51%) to 4,054.75 points. The futures contracts Nasdaq posted a decline of 52.00 points (-0.43%) to 11,958.25 points.
In London, the FTSE100 collected 18.41 points (+0.24%) at 7,574.64 points. In Paris, the CAC 40 fell by 39.24 points (-0.58%) to 6,703.01 points. In Frankfurt, the DAX retreated 79.10 points (-0.54%) to 14,450.29 points.
In Asia, the Nikkei Tokyo gained 42.50 points (+0.15%) to 27,820.40 points. For his part, the Hang Seng Hong Kong advanced 842.94 points (+4.51%) to 19,518.29 points.
On the oil side, the price per barrel of American WTI rose US$2.27 (+2.84%) to US$82.25. The barrel of North Sea Brent was up US$2.39 (+2.79%) to US$87.96.
Stephen Innes, an analyst at SPI Asset Management, expects “some respite this week as the economic calendar is relatively light, particularly with the Fed entering its communications blackout period ahead of the US Monetary Policy Committee meeting. December 14”.
Central banks remain the main concern of investors, who are trying to gauge the extent of the recession that threatens the economy, a consequence of the rise in interest rates.
Before this deadline, only a few indicators are on the agenda: the figures for producer and consumer prices in the United States in November, the GDP of the euro zone in the third quarter and PMI activity indicators in Europe.
Private sector activity in France contracted in November, the first in nearly two years, according to S&P Global’s composite PMI index.
“Combined with weak order books, the drop in activity in the service sector increases the risk of a contraction in French GDP in the fourth quarter,” warned Joe Hayes, economist at S&P Global, in the press release.
Chinese equity markets rose on Monday and in particular the technology index within the Hong Kong Stock Exchange which soared by more than 9%. The flagship index of this financial center, the Hang Seng, took him 4.5%.
Several Chinese cities, including Beijing, Shanghai, Wuhan and Zhengzhou have relaxed their anti-Covid measures and reduced the PCR test requirement to access public places.
“The effect on the economy of the zero-covid rules was underlined by the latest Caixin PMI data showing that activity in the services sector fell to its lowest level in six months”, commented Susannah Streeter, analyst of Hargreaves Landsdown.
“Finding a balance between Covid-19 control measures and economic growth has once again become a central issue”, according to economist Wang Zhe, who underlines that “how local authorities will or will not apply these instructions (to optimize health policy, Ed) will be decisive”.
the yuan jumped against other currencies, it climbed 1.52% to 6.95 yuan per dollar.
Oil prices rose the day after an OPEC+ meeting that maintained its current strategy, as the European embargo and the cap on the price of Russian crude by the G7, the EU and Australia came into effect. vigor.
Crown Prince of Saudi Arabia Mohammed bin Salman could invest in Credit Suisse First Boston, the part of the investment bank which must be detached from the rest of the second Swiss bank, said Monday the Wall Street Journal (WSJ).
In Zurich the action Swiss credit climbed 3.66%, but still shows a fall of more than 60% since the beginning of the year.
The dollar fell Monday to its lowest level in more than five months against the euro, investors abandoning the safe haven with the relaxation of health rules in China.
euro gained 0.37% to US$1.0574 per euro. the US dollar lost 0.19% against the book at 0.812 7 pounds per dollar.
the bitcoin rose 0.82% to $17,255.