((Translation automated by Reuters, please consult the non-responsibility clause https://bit.ly/rtrsauto))))
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Gold reaches a record level again thanks to the flows of refuge values
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The dollar is slightly rising but under pressure due to commercial concerns
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The ECB reduces its rates by 25 base points as expected
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Trump declares that the end of the mandate of the president of the Fed, Mr. Powell, “cannot happen soon enough”
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The results of TSMC online in sight after the warnings of Nvidia and ASML
(Update before the opening of the US markets and after the BCE meeting) by Amanda Cooper
The term contracts on American actions and the dollar increased Thursday, the traders having been encouraged by trade negotiations between the United States and Japan, although the positive mood was hampered by the president of the Fed, Jerome Powell, who declared that the Fed would be prudent with regard to the reduction of interest rates.
With a vacation weekend, investors were reluctant to continue the general reduction in risky assets this week, although the gold rush continued, bringing it to a new record.
US President Donald Trump unexpectedly joined the negotiations in Washington on Wednesday with a Japanese delegation, later declaring that “great progress” had been made in discussions with the main Japanese negotiator Ryosei Akazawa.
Trump did not give any details, but he provided some support for investors who bet that the impact of customs duties will be attenuated in time.
US stocks have increased, suggesting a recovery after the fall on Wednesday which lowered the S&P 500 .SPX by 2.2 % and the NASDAQ by more than 3 %.
The term contracts on the NASDAQ NQC1 were up 0.8%, while those on the S&P ESC1 were up 0.5%, while technological actions were stimulated by the profits of TSMC 2330.TW, contrasting with the previous warnings of NVIDIA NVDA.O and ASML and ASML and ASML and ASML and ASML and ASML and ASML and ASML
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The European Central Bank, also faced with pricing uncertainty, has reduced its 25 basis points, as expected.
The bank said that uncertainty was likely to reduce confidence in households and businesses, and that the volatile market reaction would have a tightening effect on monetary conditions.
KISTINE KUNDBY-MIELSEN, FX analyst at Danske Bank, said that the BCE’s declaration had a Dovish tone due to commercial uncertainty.
“(Their) attention moved to examining the risk of falling prospects for growth, rather than the risk of increasing inflation.”
The Stoxx 600 .STOXX fell after the decision but was still heading for a gain of 4.2% this week, while the Euro EUR = EBS, which has not been far from its highest levels for three years against the dollar, was down 0.5% over the day to $ 1,1,347.
Fed in the center of attention
Central banks were also at the top of the agenda in the United States after the president of the Federal reserve, Jerome Powell, said on Wednesday that the Fed would expect more data on the direction of the economy before modifying interest rates.
But he also said that Trump’s pricing policies were likely to remove inflation and employment of the central bank’s objectives.
The reference yield of the US Treasury at 10 years old
US10YT = RR was fairly calm, up 2 base points at 4.30%, far from the 4.59% hit last week at the height of panic on the markets. US/
“While dust begins to fall, there are concerns about this stagflationist perspective on which Powell warned,” said Fiona Cincotta, strategist at City Index.
The comments of US President Donald Trump on Thursday that Mr. Powell’s dismissal cannot arrive quickly enough, “calling on the US central bank to reduce interest rates, added to uncertainty about the American economy.
The dollar was one of the main victims of turbulence caused by customs duties and their impact on economic growth. Investors have abandoned American stocks and obligations in the past two weeks.
Compared to a basket of six other currencies, the dollar = USD fell to its lowest level for three years this month, but it was slightly firm on Thursday.
The dollar was up 0.5 % compared to the Japanese Yen at 142.5 JPY = EBS and 0.7 % compared to the Swiss franc at 0.8188, CHF = EBS, these two refuge values having benefited from turbulence.
This is a brutal turnaround for the Yen, which touched a seven -month earlier in the session, before reversing itself after Kazawa said that the exchange issue had not been addressed during the trade negotiations in Washington.
In the raw materials sector, gold has reached a new record at $ 3,57.40 per ounce, while the flows of refuge values and the dollar exodus accelerate.
Oil prices have increased due to the prospect of a tightening of the offer, leaving the term contracts on croc an increase in Brent LCOC1, up 1.3 % to 66.7 dollars per barrel.
