PARIS (AWP/AFP) – The scholarships evolve sharply on Monday, welcoming the provisional exemption of customs from Washington on Tech products, but the dollar continues to give in the field, a sign of the loss of persistent confidence in the first world economy.
Around 11:20 GMT, in Europe, Paris earned 2.06%, Frankfurt 2.33%, Milan 2.21%, London 1.69%and Zurich 1.98%.
At Wall Street, the term contracts also suggested an increase in the main indices between 1 and 2% at the opening.
“The new week begins on” because “the United States will exempt electronic products”, most of them made in China, “the main customs measures,” Ipek Ozkardeskaya, analyst for Swissquote Bank, said.
In the midst of a trade war with Beijing, the United States has finally exempt this weekend smartphones, computers and other electronic products from recent customs surcharges imposed last week by President Donald Trump.
The United States has requested Chinese products since last week, 145%, as part of a vast protectionist offensive initiated by Washington in early April, which makes markets very volatile.
With this turnaround, “12% of American imports will not be taxed more, a quarter of which comes from China”, notes Xavier Chapard, analyst for LBPAM.
In Asia, this news therefore also worn the markets: Hong Kong won 2.40% and Shanghai 0.76%. Tokyo ended up 1.18%.
However, investors should remain feverish: Washington has indeed insisted on the “temporary” nature of the exemptions and which he still intended to tax the electronics.
“Great uncertainty persists in the financial markets,” said Andreas Lipkow, independent analyst.
The American leader also said that he would announce “in the week” new surcharge on semiconductors entering the United States, which “will be in the future not too distant”.
“No one is drawn (…), especially not China which, by far, treats us the most,” thundered Mr. Trump on his social network Truth.
Semiconductors increasing
European semiconductor groups benefit from the announcement of temporary customs surcharge exemptions in the United States.
On the stock market, companies in the sector were experiencing good dynamics. In Paris, Soitec took around 11:20 a.m. GMT 5.90% and Stmicroelectronics 2.42%. Infineon earned 2.95% in Germany and ASML 3.17% in Amsterdam.
“At first glance, this constitutes a significant relief for” American “consumers and the electronics sector”, but the sequence is a “new example of a political announcement sowing significant confusion”, explains Michael Wan, MUFG analyst.
The dollar continues its fall
The dollar continues its decline, at more observed levels for several years. The greenback suffers from commercial climbing and the reversals of Donald Trump, whose policy undermines American credibility with the players in the exchange markets.
For the past month, the dollar, long considered as an asset of trust, has thus lost almost 5% compared to the single European currency.
“Persistent political confusion” feeds “a growing loss of confidence in American political decision -makers,” said Win Thin, by Brown Brothers Harriman.
Around 11:20 a.m. GMT, the greenback lost 0.30% to 1.1393 dollars for one euro.
Appetite is back on American obligations
The desire for purchase is however back on American state loans, which causes a decline in interest rates. At ten years old, they reached around 11:20 a.m. GMT 4.45%, after closing at 4.50% on Friday.
Treasury bills in the United States, long considered as refuge values, had been strongly sold in recent days, due to the loss of confidence of investors towards the American economy, having their interest rates increase.
Gold, which has largely benefited from uncertainty in recent weeks, leaping from record record, resumed its breath on Monday, with a decline of 0.44%, at 3.223.31 dollars per ounce around 11:20 GMT.
The petroleum market regained the hair of the beast, after being penalized by concerns about global demand, due to customs duties. The barrel of American WTI gained 1.49% at 62.42 dollars and that of Brent from the North Sea 1.42% at 64.68 dollars.
AFP/Al
